Cathie Wood, the head of Ark Invest, a company that handles investments, spoke highly of Bitcoin, the foremost cryptocurrency, calling it a secure asset during a discussion with Andrew Ross Sorkin from Squawk Box CNBC. When questioned about the recent surge in Bitcoin's value, Cathie initially mentioned the vital role played by spot Bitcoin ETFs in driving up the price of this digital currency. She was quick to link the surge in Bitcoin's price to the devaluation of various currencies worldwide.

Wood noted the alarming instances of currency devaluation occurring in countries like Nigeria, experiencing a drastic decrease in the value of its local currency by over 50% in the past nine months. She also highlighted Egypt's currency dropping by 40% and Argentina following a similar path. In the face of these weakening currencies, Cathie sees Bitcoin as a secure haven, especially for residents of these nations seeking protection against economic turmoil and the loss of purchasing power.

She expressed her conviction, declaring, "I think this is a protective move, unexpectedly happening. A safety line against devaluation. A safeguard against the loss of purchasing power and prosperity." During the months between March and May of 2023, several leading regional banks in the United States, like Silvergate Bank, Silicon Valley Bank, and Signature Bank, faced significant challenges due to regulatory issues. Wood emphasized her belief in Bitcoin as a secure asset by citing a 40% price surge of Bitcoin following these banking issues.

Cathie highlighted the impactful role played by spot Bitcoin ETFs in shaping Bitcoin's value as well as that of other digital currencies. Recent reports from Coingape showed that the launch of this new product led to an inflow of digital assets amounting to $862 million. It is relevant to note that Bitcoin reached its most recent all-time high when substantial investments were pouring into the spot Bitcoin ETF market.

The Bitcoin halving, an eagerly anticipated event taking place later this month, is expected to further propel Bitcoin's value to new heights. At the time of this article, Bitcoin traded at $66,500.29, marking a 1.72% increase in the past 24 hours. This surge in price is considered a significant development within the market during the current week, showcasing Bitcoin's growing strength amidst global economic fluctuations.