ARK Invest’s Cathie Wood says the “replacement” of Bitcoin (BTC) with gold is now underway
ARK Invest CEO Cathie Wood says Bitcoin (BTC) is effectively replacing gold as a store of value.
In a new YouTube update, Wood says she believes the crypto king acts more as a risk-off investment and a “flight to quality” during times of economic uncertainty.
“Last year, during the regional banking crisis in March, Bitcoin shot up 40% as the KRE, the regional banking index, imploded. And here too, the regional banking index is trending upwards, and after a small correction following the launch of 11 ETFs, we see Bitcoin gaining traction again.
So the idea that it's a flight to quality or a flight to safety really takes hold here. The reason we believe Bitcoin fell after the launch of the ETFs is because there was a lot of forward-looking buying before the launch of the ETFs. There was a bit of sell-on-the-news, which are the trading types that are just very opportunistic in that regard.”
Wood shares a chart of Bitcoin price in gold that appears to be showing a strong, long-term uptrend. She says this reflects that BTC is now in the process of partially replacing the yellow metal.
“This chart just shows you that Bitcoin is up even compared to gold. Substitution with Bitcoin is now occurring and we believe this will continue as there is a much simpler and less frictionless way to access Bitcoin.”
Source: ARK Invest
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