Ark Investment CEO Cathy Wood, famous as the 'Money Tree Sister', pointed to the global currency devaluation as the reason why the price of Bitcoin (BTC) reached an all-time high this year.
According to CoinDesk on the 4th (local time), Wood said in an interview with CNBC, “The devaluation of currencies around the world is one of the reasons for the strength of BTC,” and analyzed, “BTC is a kind of insurance against dictatorships and the failure of fiscal and monetary policies.” . “The Nigerian naira has lost 50-60% of its value in the last nine months,” he said. The Egyptian currency was also devalued by 40%. “The Argentine currency is also steadily devaluing,” he said. “The BTC craze is a hedge against the decline in currency value and purchasing power.” He added, “It is a similar phenomenon that the price of BTC rose by 40% in the United States last year when local banks went bankrupt.” BTC's price rose more than 130% over the past year due to a surge in demand for the U.S. BTC spot exchange-traded fund (ETF), reaching an all-time high of $73,800 (about 99,297,900 won) last month.
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Wood said, “BTC has no counterparty risk.” Counterparty risk refers to the risk of having to determine whether the counterparty can meet the terms of the contract. He then reaffirmed the target price of BTC at $1.5 million. He compared BTC to a “financial super highway.”
- Reporter Ma Soo-young
- majuyeong@rni.kr
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