Cathy Wood says that the replacement of gold for Bitcoin is now underway
The CEO of ARK Invest expects this trend to continue now that investors can trade Bitcoin in a more accessible way through Bitcoin ETFs.
ARK Invest Investors Are Moving From Gold to Bitcoin After Launch of Bitcoin Exchange-Traded Fund (ETF)
Bitcoin has been rising against gold. There is now an alternative to Bitcoin and we think it will continue to be now that there is a less frictional way to access Bitcoin.
Bitcoin to Gold (log) chart shared by Wood's ARK Invest. Source: YouTube
Like gold, Wood expects Bitcoin
It proves to be a risky asset when the banking sector shows signs of weakness
The market witnessed this firsthand in March 2023 when the US experienced a "regional banking crisis" that caused the price of Bitcoin to rise by 40%, CEO ARK Invest said.
Stating that the regional bank index was collapsing, he said: The regional bank index is still increasing.
According to the Longtermtrends report, the one-year correlation between Bitcoin and gold is currently 0.80, the highest it has ever been.
