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Bitcoin

Ark Invest CEO Cathie Wood Said Bitcoin Will Replace Gold As A Valuable Storage Asset

February 6, 2024 - Around 2 mins mins to read

Key Points:

  • Ark Invest CEO Cathie Wood sees Bitcoin replacing gold as a safe-haven asset amid economic uncertainty.
  • The launch of spot Bitcoin ETFs is driving investors to shift from gold to Bitcoin.
Ark Invest CEO Cathie Wood asserted that Bitcoin is progressively replacing gold as a preferred value storage asset.
Ark Invest CEO Cathie Wood Said Bitcoin Will Replace Gold As A Valuable Storage Asset

Read more: Bitcoin Spot ETF and Futures ETF: Differences To Make The Right Investment Choice

Ark Invest CEO Cathie Wood Foresees Digital Currency as the New Safe-Haven Asset

Bitcoin is increasingly viewed as a safe-haven investment and a refuge for investors seeking quality assets amid economic uncertainty. Wood highlighted the trend of investors shifting from gold to Bitcoin, attributing it to the launch of spot Bitcoin exchange-traded funds (ETFs).

During a discussion on Ark Invest’s YouTube channel, Wood addressed the recent fluctuations in the regional bank index and correlated Bitcoin movements. She noted that during the regional bank crisis last March, Bitcoin surged by 40% while the regional bank index was declining.

Ark Invest CEO Cathie Wood explained that Bitcoin’s decline post-ETF launch was likely due to anticipatory buying before the event, resulting in a “sell-on-the-news” reaction among opportunistic traders.

Spot Bitcoin ETFs Trigger Shift in Investor Preference

Wood presented a chart illustrating Bitcoin’s price in comparison to gold, emphasizing a notable long-term uptrend. According to Wood, this indicates a growing substitution of gold for Bitcoin. She anticipates this shift to persist, given the now more accessible and less friction-filled methods of acquiring Bitcoin, particularly through ETFs.

Ark Invest CEO Cathie Wood Said Bitcoin Will Replace Gold As A Valuable Storage Asset

Ark Invest CEO Cathie Wood pointed out that a significant portion of the circulating Bitcoin, 15 million out of 19.5 million, has not moved in 155 days, suggesting that the majority of Bitcoin holders maintain a long-term perspective. Wood’s firm, Ark Invest, was among the ETF issuers that launched a spot Bitcoin ETF on January 11, named the ARK 21Shares Bitcoin ETF.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Ark Invest

Bitcoin

BTC

Cathie Wood

gold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Bitcoin

Ark Invest CEO Cathie Wood Said Bitcoin Will Replace Gold As A Valuable Storage Asset

Key Points:

  • Ark Invest CEO Cathie Wood sees Bitcoin replacing gold as a safe-haven asset amid economic uncertainty.
  • The launch of spot Bitcoin ETFs is driving investors to shift from gold to Bitcoin.
Ark Invest CEO Cathie Wood asserted that Bitcoin is progressively replacing gold as a preferred value storage asset.
Ark Invest CEO Cathie Wood Said Bitcoin Will Replace Gold As A Valuable Storage Asset

Read more: Bitcoin Spot ETF and Futures ETF: Differences To Make The Right Investment Choice

Ark Invest CEO Cathie Wood Foresees Digital Currency as the New Safe-Haven Asset

Bitcoin is increasingly viewed as a safe-haven investment and a refuge for investors seeking quality assets amid economic uncertainty. Wood highlighted the trend of investors shifting from gold to Bitcoin, attributing it to the launch of spot Bitcoin exchange-traded funds (ETFs).

During a discussion on Ark Invest’s YouTube channel, Wood addressed the recent fluctuations in the regional bank index and correlated Bitcoin movements. She noted that during the regional bank crisis last March, Bitcoin surged by 40% while the regional bank index was declining.

Ark Invest CEO Cathie Wood explained that Bitcoin’s decline post-ETF launch was likely due to anticipatory buying before the event, resulting in a “sell-on-the-news” reaction among opportunistic traders.

Spot Bitcoin ETFs Trigger Shift in Investor Preference

Wood presented a chart illustrating Bitcoin’s price in comparison to gold, emphasizing a notable long-term uptrend. According to Wood, this indicates a growing substitution of gold for Bitcoin. She anticipates this shift to persist, given the now more accessible and less friction-filled methods of acquiring Bitcoin, particularly through ETFs.

Ark Invest CEO Cathie Wood Said Bitcoin Will Replace Gold As A Valuable Storage Asset

Ark Invest CEO Cathie Wood pointed out that a significant portion of the circulating Bitcoin, 15 million out of 19.5 million, has not moved in 155 days, suggesting that the majority of Bitcoin holders maintain a long-term perspective. Wood’s firm, Ark Invest, was among the ETF issuers that launched a spot Bitcoin ETF on January 11, named the ARK 21Shares Bitcoin ETF.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.