According to a Bloomberg report: Cathie Wood, the CEO of ARK Investment Management, stated that she would decidedly bet on Bitcoin as a shield against possible deflation in the upcoming decade, over gold or cash.
She restated her perspective that she anticipates a period of price decline, brought about by newer technologies including AI, electric vehicles, robotics, genomic sequencing, and blockchain. This stance has been consistent since 2021, even while markets have been bracing for heightened inflation risks.
During a discussion on Bloomberg’s Merryn Talks Money podcast regarding the asset classes that she would opt to hold for the next 10 years, Wood cited, “Bitcoin, hands down. Bitcoin is a hedge against both inflation and deflation because there’s no counterparty risk, and institutions are barely involved.” She went on to refer to Bitcoin as "digital gold."
Wood, known for her optimistic forecasts around cryptocurrency, anticipates it to profit from the expansive growth in new technologies and innovations. She has previously predicted that Bitcoin's price could surpass $1 million within the next decade. Currently, its price stands at approximately $35,000, around half of its peak price in 2021.
Despite a 64% drop in 2022, Bitcoin's value has more than doubled this year. Market participants have hailed it as a potential hedge against inflation, despite its relatively ineffective performance as such during the largest consumer-price surge since the early 1980s. Recently, the cryptocurrency has been on the rise amid hopes that the US Securities and Exchange Commission might approve Bitcoin-focused exchange-traded
