Bitcoin (CRYPTO:BTC) ETFs, while influential, are not the sole driver of Bitcoin's significant price increase this year, according to ARK Invest CEO Cathie Wood.

In a recent CNBC interview, Wood pointed out that Bitcoin is increasingly seen as a “flight to safety” amidst the depreciation of fiat currencies around the world.

She characterised Bitcoin as a unique investment that could be seen as both risk-on and risk-off, highlighting its versatility in different economic climates.

Wood also shed light on the popularity of the new exchange-traded funds (ETFs) in the United States, acknowledging their role in shaping the mainstream narrative around Bitcoin in 2024.

However, she emphasised that there's a deeper reason for Bitcoin's rise, suggesting a growing recognition of its value as a hedge against fiscal instability.