bitcoin-to-1-million/” rel=”nofollow”>Cathie Wood, CEO of Ark Invest She was a guest on Merryn Somerset Webb’s show ‘Merryn Talks Money’, where she spoke about the macro environment and recent events in the financial world. What will primarily interest the crypto community is what she said about the crypto-etfs/” rel=”nofollow”>flagship cryptocurrency, bitcoin.
“bitcoin without a doubt”
When asked by Merryn what he would prefer to hold for 10 years between gold, cash and bitcoin, Wood responded by saying: “bitcoin without a doubt.” He noted that while both bitcoin and Gold have bitcoin-is-a-hedge-tool-robert-kiyosaki/” rel=”nofollow”>coverage functionalitiesThe latter has already had its moment, unlike bitcoin, which he described as “new” and was just gaining traction.
While he highlighted bitcoin‘s future potential and “incremental demand,” he stated that institutions were still barely involved and that the major investors of the future (the “young ones,” as Wood put it) would prefer to hold bitcoin over gold. He also mentioned that bitcoin has been outperforming gold recently in terms of its hedging capabilities.
Wood’s optimism about the leading cryptocurrency may not come as a surprise to many, considering his company, ethereum-spot-etf/” rel=”nofollow”>ARCA investis one of many asset managers that have filed in the US. National stock market Commission (SEC) to offer a spot bitcoin ETF.
Interestingly, his company is leading the race toward approval, as the SEC is expected to make a decision (possibly approve) on its application in January 2024with decisions about other applications that will come later. However, it remains to be seen if that is what will happen, as the SEC may choose to approve (if at all) all funds at the same time.
Cathie Wood recognizes the importance of bitcoin
Early in the interview, Wood highlighted the price of bitcoin as one of the things his company was monitoring in relation to financial markets and deciding how to measure the inflation rate.
She alluded to how the price of bitcoin bitcoin-climbs-29000-us-banking-crisis-deepens/” rel=”nofollow”>increased from $19,000 to $30,000 during the bitcoin-market-cap/” rel=”nofollow”>regional banking crisis That happened in March with the collapse of a couple of banks like Silicon Valley Bank.
She described the rise of bitcoin during that period as “fascinating” and how many saw the cryptocurrency as a “flight vehicle to safety.” While many have touted bitcoin as a hedge against inflation in the past, Cathie Wood believes it can go both ways, as the cryptocurrency can also serve as a hedge against deflation because there is no counterparty risk in bitcoin.
She seemed to suggest that bitcoin-exceeds-expectations-inflation-hedge/” rel=”nofollow”>bitcoin was a refuge for manyespecially with the banking crisis, because it was completely “transparent and decentralized”, unlike banks where customers know nothing about what happens there and how their deposits are used or protected.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Why-Ark-Invests-Cathie-Wood-Chooses-Bitcoin-Over-Cash-and" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1758″ loading=”lazy”/>
btc trading in a tight range | Source: BTCUSD on Tradingview.com
Featured image by Cryptoknowmics, chart by Tradingview.com
