Cathie Wood attributes Bitcoin's rise to currency devaluations in countries like Nigeria, Egypt, and Argentina, and the impact of spot Bitcoin ETFs.

Bitcoin is characterized by Wood as a 'flight to safety' and a 'hedge against loss of purchasing power,' appealing to both risk-on traders and risk-off individuals in unstable economies.

ARK 21Shares (ARKB) saw a significant outflow of $88 million in Bitcoin, exceeding that of Grayscale.

Analyst Ali Martinez notes that Bitcoin's price trends are similar to those of the Nasdaq 100 index, indicating a correlation between tech stocks and cryptocurrency.

Despite recent price fluctuations, Wood maintains a long-term price target of $1.5 million for Bitcoin, emphasizing its role as a 'financial super highway' without counterparty risk.

Wood's comments reflect a broader interest in cryptocurrencies as alternative assets amidst global economic instability.