1:02:43ARK Invest CEO Cathie Wood has said bitcoin's rise to a record high this year has been in part due to national currency devaluations around the world.has gained more than 130% in the past 12-months, hitting an all-time high of $73,800 last month alongside a wave of demand from spot bitcoin ETFs in the United States.
Wood touted a separate narrative in an interview with CNBC, stating that bitcoin is an"insurance policy against rogue regimes and horrible fiscal and monetary policies." "There is something else going on around the world." Wood said."There are currency devaluations taking place that people are not talking about. The Nigerian naira is down 50, 60% in the last nine months. Egypt just devalued by 40%. Argentina, continuing to devalue. I think is a flight to safety taking place, a hedge against devaluation a hedge against a loss of purchasing power and wealth.
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