Cathie Wood hails Bitcoin’s $100K as just the beginning.
Bitcoin, digital gold: ARK Invest sees transformative potential beyond gold.
In a landmark moment for the crypto world, Bitcoin surged past the $100,000 mark on December 5, 2024. Cathie Wood, CEO of ARK Invest, hailed the achievement on Twitter, linking the milestone to a broader shift in financial paradigms. “Great day for Bitcoin and digital property rights!” she tweeted.Cathie also expressed optimism about the incoming SEC Chairman Paul Atkins’ potential to safeguard digital assets and property rights, contrasting it with what she described as Gary Gensler’s restrictive policies.
Meanwhile, Wood also recently highlighted Bitcoin’s transformative potential compared to gold. According to ARK Invest, BTC represents a “much bigger idea” than the precious metal, which has historically been a safe-haven asset. Her perspective aligns with Federal Reserve Chairman Jerome Powell’s recent comments likening Bitcoin to a “virtual, digital version of gold.”
Bitcoin Vs Gold
Bitcoin’s market cap, which has now reached $2 trillion, still pales in comparison to gold’s estimated $15 trillion market value. Wood emphasized that Bitcoin, despite its exponential rise, is still in its early stages of adoption. “Even after breaking through $100,000, Bitcoin is still in the early innings,” she remarked.
Powell’s comments further fueled the conversation. Speaking shortly before Bitcoin’s price surge, he described the cryptocurrency as more of a competitor to gold than to the US dollar, noting its use as a store of value rather than a medium of exchange.
This milestone reflects the increasing trend of investors turning to Bitcoin and gold as safe-haven assets, particularly during times of economic uncertainty. Both assets share characteristics such as finite supply and independence from government-controlled monetary systems, making them attractive alternatives to traditional currencies.
As Bitcoin cements its place in the financial landscape, analysts predict that its market cap could eventually surpass gold, further solidifying its role as a transformative force in the world of digital assets.
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