Cathie Wood, CEO and CIO of ARK Invest, highlighted BTC’s potential as “digital gold” and its ability to outperform gold. Wood and Brett Winton expressed their views in an interview on ARK Invest’s YouTube channel. Bitcoin and they had an in-depth discussion on the price movements of gold. Wood described BTC as a valuable investment tool and a reliable shelter in times of economic uncertainty, noting that BTC has shown a significant rise, especially when compared to gold.
Wood showed with a chart that Bitcoin is in a persistent uptrend relative to gold, suggesting it could surpass gold in the future. He also noted Bitcoin’s performance during the regional banking crisis in March 2023; While regional banks were in trouble, BTC gained 40% in value. Wood noted that a similar crisis is happening now and the price is on the rise again, a trend partially supported by the approval of 11 Spot BTC ETFs.
Although Bitcoin experienced an unexpected decline following the approval of the Spot Bitcoin ETFs, Wood explained that this decline was due to the intense expectations before the launch of the ETFs and the subsequent “selling on the news”. However, Wood predicts that the availability of Bitcoin will increase with the introduction of Spot Bitcoin ETFs, and thus the value of Bitcoin will continue to rise. According to Wood, these ETFs bring a significant influx of liquidity to the cryptocurrency, providing easier and more inclusive access to Bitcoin, especially for institutional investors.
As Koinfinans.com reported, these developments strengthen Bitcoin’s position as a valuable investment tool in both the short and long term and increase its importance as a symbol of security in the face of economic crises.
