© Reuters. Cathie Wood On Why Bitcoin Is The Ultimate Insurance Policy Against Hyperinflation
Benzinga – Ark Investment Management CEO Cathie Wood said that Bitcoin (CRYPTO: BTC) provides the greatest protection against wealth confiscation and an insurance policy for the developing world.
What Happened: Wood said there’s “hyperinflation all over the world as their currencies have fallen apart,” and “those populations need a fallback — an insurance policy like Bitcoin.” She said this during an interview with Yahoo Finance.
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Wood, a longtime supporter of Bitcoin, has reiterated that the price of the apex crypto could exceed $1 million by 2030, a target she has predicted time and again.
According to Wood, high-net-worth individuals can benefit greatly by using Bitcoin as a tool to protect their wealth from “confiscation” due to inflation.
Earlier this week, Ark Invest Management released its seventh edition of the “Big Ideas 2023,” which suggests that Bitcoin is on a trajectory that could see it become a multi-trillion dollar market in the coming years.
Price Action: At the time of writing, Bitcoin was trading at $23,454, down 1.82%, in the last 24 hours, according to Benzinga Pro data.
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