Ark Invest CEO Cathie Wood Said Bitcoin Will Replace Gold As A Valuable Storage Asset
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Read more: Bitcoin Spot ETF and Futures ETF: Differences To Make The Right Investment Choice
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.
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 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.
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