bitcoin bull Cathie Wood believes gold’s time has come and gone.
The CEO of Ark Invest weighed in on the persistent debate between the traditional safe-haven asset and the digital currency during a recent Bloomberg UK podcast.Merryn talks about money.
In a hypothetical scenario where Wood had to choose between holding gold, a cash deposit account, or bitcoin for a decade, he made his stance clear.
“It’s a hedge against inflation and deflation. It’s digital,” he began, passionately advocating for bitcoin. Wood acknowledged the time-tested appeal of gold, but highlighted a crucial difference. “Gold already has its demand; it already happened,” he explained. Instead, he emphasized that bitcoin remains a new and evolving asset, and institutions are only beginning to scratch the surface of its potential.
Wood’s outlook aligns with the prevailing sentiment among younger investors who increasingly prefer bitcoin over gold. He noted that bitcoin‘s appeal lies in its technological novelty and the growing enthusiasm of millennials and Generation Z, who see it as a more attractive store of value compared to the yellow metal.
Interestingly, Wood made a notable observation about the role of gold and bitcoin as a hedge against deflation. However, he noted that bitcoin‘s recent performance suggests that it has been outshining its traditional counterpart.
In short, Wood’s sentiment reflects the changing investment landscape, with bitcoin emerging as a powerful contender.
Time will tell if more investors will follow suit as bitcoin continues to recover from the brutal 2022 bear market.
