ARK Invest CEO Cathie Wood says Bitcoin is the best form of protection against wealth erosion and an insurance policy for developing countries. She said this in an interview with Yahoo Finance.
“Across the world we are witnessing hyperinflation as fiat currencies collapse. All segments of the population need a fallback option — an insurance policy like Bitcoin,” Wood said.
In her view, all segments of the population — both the poor and the wealthy — will benefit from using digital gold.
Regarding the latter, she pointed to the possibility of protecting wealth from confiscation in jurisdictions such as China or Russia through Bitcoin. A user can always recover access to the cryptocurrency using the seed phrase.
“Just keep this key in your head, and at some point you will be able to cross the border and reclaim your wealth,” Wood advised.
Earlier, the founder of ARK Invest forecast Bitcoin’s market capitalisation to rise to $4.5 trillion.