"News Updates April 03, 2024"

1. Cathie Wood Attributes Bitcoin's Rise to National Currency Devaluations<\/p>\n

Wood called bitcoin an \"insurance policy against rogue regimes and horrible fiscal and monetary policies.\"<\/p>\n

ARK 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.<\/p>\n

Bitcoin (BTC) 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.<\/p>\n

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.\"<\/p>\n

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\"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.\"<\/p>\n

\"We saw this even here last year in the United States, regional banks imploded, bitcoin went up 40%,\" she said today. \"Bitcoin does not have counterparty risk. This is both a risk on asset and it is risk off. I remember we got in at $250 when Greece was threatening to leave the euro.\"<\/p>"