Cathie Wood: Bitcoin can serve as a “hedging tool” against the devaluation of fiat currencies

PANews April 3 news, according to Cointelegraph, ARK Invest CEO Cathie Wood said in an interview with CNBC that the reason why Bitcoin rose was because it was a "risk-off behavior" against the devaluation of legal currencies. Wood pointed to the performance of currencies such as the Nigerian naira and the Egyptian pound, which have lost about half their value against the dollar in recent months. During the interview, Wood also mentioned the regional banking crisis in the United States last year, which drove the price of BTC, and the Greek financial crisis in 2013. Wood concluded: “I see this (investing in Bitcoin) as an insurance policy against a rogue regime or bad fiscal and monetary policy.”