Wood labelled bitcoin as an 'insurance policy' against rogue regimes.
There are currency devaluations taking place that people are not talking about. The Nigerian naira is down 50, 60% in the last nine months. Egypt just devalued by 40%. Argentina, continuing to devalue. I think is a flight to safety taking place, a hedge against devaluation a hedge against a loss of purchasing power and wealth.
Two weeks ago Wood reiterated a $1.5 million price target for bitcoin, labelling it as a 'financial super highway.'
Bitcoin does not have counterparty risk. This is both a risk on asset and it is risk off. I remember we got in at $250 when Greece was threatening to leave the euro.
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