Chief Executive Officer (CEO) and Chief Information Officer (CIO) of ARK Invest bitcoin/” rel=”nofollow”>cathie woodhas expressed optimism about bitcoin's capabilities to potentially surpass gold, referring to the cryptocurrency as bitcoin-as-digital-gold/” rel=”nofollow”>'digital gold.'
bitcoin versus gold
Appearing in a recent interview on bitcoin-etf-approval-race/” rel=”nofollow”>ARK Invest's official YouTube channel, Wood and ARK Invest chief futurist Brett Winton delved into a long discussion on the historical and most recent price movements of bitcoin in relation to gold.
Describing bitcoin-as-a-store-of-value-comparing-with-gold-and-fiat-currencies/” rel=”nofollow”>bitcoin As a “store of value” and “risk-free asset,” Wood emphasized the notable rise of cryptocurrency, particularly when bitcoin-vs-gold-which-etf-rules-the-market/” rel=”nofollow”>compared to gold. She shared a chart illustrating the relationship between the price of bitcoin and gold, which revealed a strong and sustained uptrend for bitcoin. This upward trajectory hints at the possibility of cryptocurrency bitcoin-etfs-outshine-precious-metal/” rel=”nofollow”>advancing gold as a more valuable investment in the future.
Wood is also discussed bitcoin-over-500k-in-five-years-more-confident-in-ethereum/” rel=”nofollow”>bitcoin performance in the midst of past economic crises. He highlighted a historical price pattern observed during the regional crisis. banking crisis in March 2023, noting that bitcoin rose as much as 40% while the regional banking index, represented by KRE, was imploding.
Currently, the regional banking index is experiencing a similar crisis and, according to Wood, bitcoin is following the same pattern by maintaining a constant rise. She attributes this upward trend to the approval and introduction of 11 bitcoin Spot ETFs in the cryptocurrency market.
As a result, Wood has categorized bitcoin as a “flight to safety” investment asset, providing a space for people to store their funds against inflation and the effects of the crisis. economic crisis.
bitcoin Spot ETFs Expected to Drive bitcoin Rising
After the bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>approval and launch of Spot bitcoin ETF On January 10, 2024, bitcoin faced an unexpected crash, giving up a significant portion of the gains accumulated during the pre-approval enthusiasm. The cryptocurrency fell from a 2023 all-time high of over $45,000 to below $40,000.
Wood explained that bitcoin-down-20-since-sec-etf-approval-is-it-still-bullish-or-is-this-new-token-a-better-option-with-halving-coming/” rel=”nofollow”>The decline of bitcoin after the introduction of ETFs was the result of intense pre-buying before the launch of the ETFs, with subsequent “selling on the news” bitcoin-etf-approval-sell-the-news-event/” rel=”nofollow”>event driven by opportunistic traders.
Looking ahead, ARK Invest CEO anticipates continued rise of bitcoin, fueled by broader accessibility facilitated by bitcoin-etf-flows-flip-gold-capital-rotation/” rel=”nofollow”>bitcoin Spot ETF. He highlighted that bitcoin Spot ETFs offered an easier and more inclusive avenue to access bitcoin, attracting significant inflows into the cryptocurrency as institutional investors actively participate in the market.
<img decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/02/ARK-Invest-CEO-Cathie-Wood-Believes-Bitcoin-Will-Outperform-Gold" alt="Tradingview.com bitcoin Price Chart (Gold)” width=”3286″ height=”1530″ loading=”lazy”/>
btc drops below $43,000 once again | Source: BTCUSD on Tradingview.com
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