Cathie Wood's Latest Bullish Statement on Bitcoin: What You Need to Know
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In a current interview with CNBC anchor Andrew Sorkin, famend Bitcoiner and chief govt at Ark Invest Cathie Wood shared her take on why Bitcoin had been going up parabolically these days till the current fee fall took place. Sorkin assumed that BTC had been transferring in line with the charge curves of the Nasdaq a hundred index, which makes Bitcoin a risk-on asset.
Cathie Wood shares her take on Bitcoin's growth
Answering a query about the feasible motives for the latest Bitcoin rate hike to a new all-time excessive of $73,750 in mid-March, the famend investor referred to that Bitcoin has been appearing as a response and a hedge in opposition to more than a few fiat forex devaluations that have been taking place round the world lately, and humans have now not been speaking about them. In this context, Cathie Wood named Egypt, Argentina and Nigeria. This is what has been pushing Bitcoin up high, aside from the riding energy of the spot BTC ETFs now, per Wood.
“There are currency devaluations that people are not talking about,” says Ark Invest CEO @CathieDWood on the rise of $BTC. “I think this is a flight to safety, believe it or not, taking place. A hedge against devaluation. A hedge against loss of purchasing power and wealth.” pic.twitter.com/8NVh5NS9tP
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Besides, Bitcoin continues to act as a “flight to safety” and a “hedge in opposition to loss of buying electricity and wealth.” Cathie Wood additionally cited that Bitcoin is concurrently a risk-on asset (for merchants and speculators) and a risk-off asset for these who are attempting to retailer their cash in international locations with rogue regimes or in nations with inefficient economic policies. Meanwhile, Ark Invest is one of the agencies with a spot Bitcoin ETF, named ARK 21Shares (ARKB). According to BitMEX Research, these days was once the first time considering that January that this ETF confronted an outflow greater than that of Grayscale. The quantity of $88 million in Bitcoin has left Ark Invest today, dwarfing Grayscale’s $82 million.
"Bitcoin mirrors Nasdaq movements"
Echoing Andrew Sorkin’s take on the latest Bitcoin charge rise, cryptocurrency dealer and analyst Ali Martinez, who has won recognition on the X/Twitter social media platform over the previous few years, has posted a tweet to say he believes that Bitcoin has been mirroring Nasdaq one hundred rate movements. The two charts that he posted exhibit that even the modern Bitcoin pullback coincides with a comparable pass made by using Nasdaq. In order to validate this pattern, the analyst stated, Bitcoin desires to make a swift healing above the $69,000 rate line. At the time of writing, the world’s first cryptocurrency is altering fingers at $66,623.
