Cathie Wood Discusses Bitcoin’s Ascendancy Over Gold Investments
ARK Invest’s CEO, Cathie Wood, notes a notable shift in investment preferences, witnessing a growing inclination towards Bitcoin over traditional gold investments, particularly pronounced post the launch of spot Bitcoin ETFs.
In a recent video on ARK Invest’s YouTube channel, Wood discusses this significant change among investors, attributing it to the accessibility provided by spot Bitcoin ETFs. Highlighting Bitcoin’s resilience, she recalls its 40% surge during the March 2023 U.S. regional bank crisis, emphasizing its emerging role as a “flight to safety” asset.
Wood supports her observations with a chart illustrating Bitcoin’s price in gold, signaling a long-term uptrend and indicating its gradual substitution for gold. Despite post-ETF launch volatility and a 20% Bitcoin price drop, Wood remains optimistic, citing a strong holding pattern among investors. ARK Invest’s strategic involvement extends to significant investments in Coinbase stock, reflecting a bullish stance on the crypto sector despite market fluctuations.
Clever Robot News Desk 8th February 2024