Featured image from Seeking Alpha, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
ARK Invest Chief Executive Officer (CEO) and Chief Information Officer (CIO) Cathie Wood, has expressed her optimism about Bitcoin\u2019s capabilities to potentially rise above gold, referring to the cryptocurrency as \u2018the digital gold.\u2019 Bitcoin Versus Gold Appearing in a recent interview on ARK Invest\u2019s official YouTube channel, Wood and ARK Invest\u2019s Chief Futurist, Brett Winton, delved into a lengthy discussion about Bitcoin\u2019s historical and most recent price movements in relation to gold.\u00a0 Related Reading: Crypto Analyst Says ADA Price Will Rise To $8, Here\u2019s When Describing Bitcoin as both a \u201cstore of value\u201d and a \u201crisk off asset,\u201d Wood emphasized the cryptocurrency\u2019s notable rise, particularly when compared to gold. She shared a chart illustrating a Bitcoin to gold price ratio which revealed a robust and sustained upward trend for Bitcoin. This upward trajectory hints at the possibility of the cryptocurrency overtaking gold as a more valuable investment in the future.\u00a0 Wood also discussed Bitcoin\u2019s performance amid past economic crises. She highlighted a historical price pattern observed during the regional bank crisis in March 2023, noting that Bitcoin rose as high as 40% while the regional bank index, represented by KRE, was imploding.\u00a0 Currently, the regional bank index is experiencing a similar crisis, and according to Wood, Bitcoin is following the same pattern by maintaining a steady ascent. She attributes this uptrend to the approval and introduction of 11 Spot Bitcoin ETFs into the cryptocurrency market.\u00a0 As a result, Wood has categorized Bitcoin as a \u201cflight to safety\u201d investment asset, providing a space for individuals to store their funds against inflation and the effects of the economic crisis.\u00a0 \u00a0 Spot Bitcoin ETFs Expected To Fuel Bitcoin Surge After the approval and launch of Spot Bitcoin ETFs on January 10, 2024, Bitcoin faced an unexpected decline, relinquishing a significant portion of the gains accumulated during the pre-approval excitement. The cryptocurrency dropped from a 2023 all-time high of over $45,000 to below $40,000.\u00a0 Related Reading: Chainlink (LINK) Price Breaks Out Of Bullish Flag Pole, Here\u2019s The Next Target Wood explained that Bitcoin\u2019s descent after the introduction of ETFs resulted from intense anticipatory buying before the launch of ETFs, with a subsequent \u201csell on the news\u201d event driven by opportunistic traders. Looking ahead, the ARK Invest CEO anticipates Bitcoin\u2019s continued rise, propelled by the broader accessibility facilitated by Spot Bitcoin ETFs. She highlighted that Spot Bitcoin ETFs offered an easier and more inclusive avenue to access Bitcoin, attracting substantial inflows into the cryptocurrency as institutional investors actively participate in the market. BTC drops below $43,000 once again | Source: BTCUSD on Tradingview.com Featured image from Seeking Alpha, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":573602,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-573594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\n
ARK Invest CEO Cathie Wood Believes Bitcoin Will Overtake Gold, Here\u2019s Why<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n