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Cathie Wood Predicts $1 Million Bitcoin (BTC) Valuation

Bitcoin‘s rising appeal as a safe haven asset amid global financial uncertainties is notably highlighted by Cathie Wood, CEO of ARK Invest, in a recent CNBC interview.

Wood articulates the unique dual nature of Bitcoin (BTC) as both a risk-on and risk-off investment, indicating its complex role in the current financial landscape.

The introduction of new exchange-traded funds (ETFs) in the United States has certainly contributed to the growing mainstream acceptance of Bitcoin in 2024.

However, Wood suggests there’s a deeper narrative unfolding beyond the institutional engagement with BTC.

She points out the significant opportunities BTC presents to ordinary citizens worldwide, especially against the backdrop of currency devaluation in various countries.

Wood specifically mentions the severe depreciation of currencies like the Nigerian naira and Egyptian pound against the U.S. dollar, attributing these downturns to deliberate government actions rather than market dynamics.

She interprets this trend as a clear move towards Bitcoin as a “flight to safety” and a protective measure against the erosion of wealth and purchasing power.

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The discussion further delves into how Bitcoin’s appeal has been bolstered by recent financial crises, including the U.S. regional banking crisis last year and the Greek financial crisis in 2013.

Wood views Bitcoin as a form of insurance against the consequences of poor fiscal and monetary policies globally.

Despite ARK’s ETF facing competition from leading asset managers and experiencing unusual net outflows of nearly $90 million recently, Wood’s conviction in Bitcoin remains strong.

These outflows, she suggests, might relate to routine financial operations like quarterly rebalancing, as noted by the trader Daan Crypto Trades on the social platform X.

Furthermore, Wood’s bullish outlook on Bitcoin’s future is underscored by her prediction of a $1 million price tag before 2030, driven by a surge in institutional investment.

She believes that the full potential of the market has yet to be realized, signaling her ongoing support for Bitcoin amidst fluctuating market dynamics and ARK’s recent fund performance challenges.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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