Ark Invest CEO Cathie Wood Says Bitcoin Will Continue To Draw Investors From Gold: 'There's Now A Substitution'

ARK Invest’s CEO Cathie Wood spoke about the growing trend of investors moving from gold to Bitcoin BTC/USD.

What Happened: She suggested that this shift, or “substitution,” is likely to persist, especially with easier access to Bitcoin BTC/USD through spot exchange-traded funds (ETFs).

In an episode of the “Big Ideas 2024” podcast, speaking with ARK’s chief futurist Brett Winton, Wood said, “Relative to gold, Bitcoin has been rising. There’s now a substitution into Bitcoin and we think that is going to continue now that there is a less friction-filled way to access Bitcoin.”

Wood also presented a Bitcoin to gold chart that tracked Bitcoin’s performance in comparison to the precious metal.

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Why It Matters: Expectations are set high for Bitcoin as Wood predicts its ascension among “risk off assets,” especially evident when the banking sector weakens. She pointed to a March 2023 episode where a “regional bank crisis” in the United States saw Bitcoin prices jump by 40%, indicating its role as a haven during financial turbulence.

On the launch of a spot Bitcoin ETF, Wood says she wasn't surprised by the immediate price correction but stressed the long-term holding patterns by most Bitcoin owners. She noted that “15 million of the 19.5 million Bitcoin currently in circulation haven’t moved in 155 days,” signaling a stable, long-term view among cryptocurrency investors.

ARK Invest launched the ARK 21Shares Bitcoin ETF on January 11.

Price Action: Bitcoin was trading at $42,991, up 0.26% in the last 24 hours, according to Benzinga Pro.

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