Cathie Wood touts Bitcoin as 'great hedge against inflation,' reiterates $1M PT

ARK Invest CEO Cathie Wood reiterated her $1M price target for Bitcoin (BTC-USD), citing the cryptocurrency as a "great hedge against inflation," she said at the Miami Bitcoin 2022 Conference Thursday. Meanwhile, bitcoin (BTC-USD -0.5%) is edging lower to $43.3K in early morning trading, up nearly 3% M/M but off 9% YTD and -25% Y/Y. "If inflation is an issue, Bitcoin is a great hedge against inflation…it is a hedge against counter-party risk," said Wood. Note that headline consumer price inflation is surging to its highest in 40 years, driven by ongoing supply chain disruptions and geopolitical tensions. While the price of Bitcoin (BTC-USD) tends to be volatile, Wood pointed to research indicating that 70% of BTC investors hold their position for more than six months, adding that its liquidity has jumped tenfold. "That's just a taste of what's to come," she said. With regards to institutional adoption of the world's largest digital token by market