Cathie Wood, CEO of ARK Invest, said in an interview with CNBC that Bitcoin is rising because it is a "risk-off behavior" against the depreciation of fiat currencies. Wood pointed to the performance of currencies such as the Nigerian naira and the Egyptian pound, which have lost about half their value against the dollar in recent months. During the interview, Wood also mentioned the regional banking crisis in the United States last year, which drove the price of BTC, and the Greek financial crisis in 2013. Wood concluded: “I see this (investing in Bitcoin) as an insurance policy against a rogue regime or bad fiscal and monetary policy.”