Ark Invest’s Cathie Wood defends Bitcoin as inflation protection on crypto panel with Elon Musk | Currency News | Financial and business news
Cindy Ord / Getty Images
- Cathie Wood defended Bitcoin’s role in protecting against inflation during a panel with Jack Dorsey and Elon Musk.
- Ark Invest founder and CEO said Bitcoin will serve as an inflation hedge in emerging markets.
- She said citizens in emerging markets with “significant inflation” would migrate to bitcoin and other means to maintain their purchasing power.
- Register here for our daily newsletter 10 things before the opening bell.
Cathie Wood, founder and CEO of Ark Invest, defended Bitcoin’s role in protecting against inflation during a panel discussion on Wednesday with Jack Dorsey and Elon Musk.
The fund manager said Bitcoin will act as a hedge against inflation in certain situations, citing emerging markets as an example.
“There are many emerging countries that are suffering from significant inflation – in other words, the purchasing power of these population groups is falling. So they will migrate to bitcoin and other ways to maintain purchasing power, ”said Wood.
She made the remarks when asked what advice she would give to institutions that want to include Bitcoin on their balance sheets. Wood added that it would be “very useful” for companies to sell to people who migrated to Bitcoin in inflationary situations.
Previously in the panel, Wood discussed how Bitcoin’s firm supply of 21 million tokens is helping to maintain purchasing power.