News - According to Cathie Wood, Bitcoin is going to replace gold

By Mike Hesp

According to Cathie Wood, Bitcoin is going to replace gold

Bitcoin (BTC)
ETF

Institutional investors are switching from gold to Bitcoin. According to Cathie Wood, CEO of Ark Invest, this trend will continue.

Bitcoin replaces gold. At least that is the opinion of Cathie Wood, CEO of Ark Invest.

"Compared to gold, Bitcoin has gained. There is now a substitution in Bitcoin and we think that will continue now that there is a frictionless way to access BTC," said Cathie Wood of ARK Invest in a YouTube interview with Brett Winton on Feb. 4.

This refers to the BTC Spot ETF. Institutional investors can now use it to buy and hold Bitcoin.

Like gold, BTC is increasingly proving to be a safe haven in hard times, Wood says. This was seen in 2023, during the regional banking crisis. Bitcoin then shot up 40 percent.

"The idea that it's a flight to quality or a flight to safety reasserts itself here," Wood says.

Larry Fink, CEO of BlackRock, made the same statement - almost verbatim - about BTC.

According to Longtermtrends, the one-year correlation between BTC and gold is currently 0.80, which is higher than ever before.

Ark Invest is one of 10 providers of a BTC spot ETF.

This was expected with high prediction at the beginning of the year, but then turned out to be a "sell the news" event.

BTC fell about 20 percent in the weeks that followed. Cathie Wood had already predicted such an outcome.

Ark Invest's BTC spot ETF has about $705 million in Bitcoin, putting it behind other providers such as Grayscale, Fidelity and BlackRock.

The current market capitalization of gold is about $14 trillion. Bitcoin has a market capitalization of about $780 billion.

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