ARK Invest CEO Cathie Wood making a bold statement Bitcoin (BTC) He argued that it had replaced gold as a store of value.
Wood shared his belief that Bitcoin acts more as a risk-off asset and a “flight to quality” during times of economic uncertainty.
“Last year, during the regional bank crisis in March, Bitcoin rose 40% while the GCI, the regional bank index, crashed.
Here too the regional bank index is moving and we are seeing Bitcoin making a resurgence after some correction following the introduction of the 11 ETFs,” Wood explained.
Wood also noted that the decline in Bitcoin’s value following the launch of the ETFs was due to anticipated buying before the ETFs were launched. This was followed by a selling reaction from opportunistic investors upon the news.
Wood shared a chart where Bitcoin is priced with gold, showing a strong, long-term uptrend. He interpreted this as an indication that BTC is in the process of partially replacing the yellow metal.
“This chart shows you that Bitcoin is rising relative to gold. “There is now a shift towards Bitcoin and we think that will continue because there is a much easier way, a less cumbersome way to access Bitcoin,” he said.
As Bitcoin continues to strengthen its position in the financial market, Wood’s views offer an interesting perspective on the evolving dynamics between traditional and digital assets.
*This is not investment advice.
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