- Wood called bitcoin an “insurance policy against rogue regimes and horrible fiscal and monetary policies.”
- Cathie Wood attributed bitcoin’s rise to national currency devaluations.
- The article discusses CoinDesk’s acquisition by the Bullish group and their editorial policies.
Ark Invest CEO Cathie Wood recently attributed the rise in bitcoin’s price to the devaluation of national currencies around the world. In an interview, Wood called bitcoin an “insurance policy against rogue regimes and horrible fiscal and monetary policies.” Her comments come as bitcoin has surged in price over the past year amid high inflation and economic instability globally.
Background on Cathie Wood and Ark Invest
Cathie Wood is the founder, CEO, and CIO of Ark Invest, a New York-based investment management firm focused on disruptive innovation. Ark manages over $50 billion in assets across several actively-managed ETFs. Wood has become one of the most prominent public advocates for bitcoin and cryptocurrencies. She is an outspoken critic of unbacked fiat currencies and has argued that bitcoin serves as a hedge against inflation.
Wood’s Comments on Bitcoin and Currency Devaluation
In the recent interview, Wood pointed to currency devaluations in countries like Turkey and Lebanon as examples of why an alternative store of value like bitcoin is needed. She views bitcoin’s fixed supply schedule and decentralized nature as key advantages over national currencies prone to debasement.
“Many other countries are going through currency devaluations,” Wood said. “And that is why bitcoin in particular – its supply is fixed, it’s a rule-based system – is going to become a reserve currency as people worry about currency devaluations.”
Wood believes that as trust in national currencies falters, a flight to “hard assets” like gold and bitcoin is inevitable. She has predicted that bitcoin will eventually reach a market capitalization of $40 trillion.
Conclusion
Wood and Ark Invest have emerged as major champions for bitcoin and the broader crypto asset class. Her public comments linking bitcoin’s appeal to weakening national currencies highlights a key narrative around bitcoin’s value proposition. As currency devaluations persist in countries around the world, more investors may view bitcoin as Wood does – as insurance against those policies.
