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ARK Invests 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 ARKs chief futurist Brett Winton, Wood said, Relative to gold, Bitcoin has been rising. Theres 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 Bitcoins 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 havent 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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