Bitcoin Preferred Over Gold by Ark Invest CEO
Cathie Wood, the founder and CEO of Ark Investment Management, expressed her optimistic view on the future of bitcoin during an interview on Bloomberg’s “Merryn Talks Money” podcast. When asked to choose between gold, cash, or bitcoin as a ten-year investment, Wood confidently stated that she would pick bitcoin “hands down.” She believes that bitcoin serves as a hedge against both inflation and deflation, similar to gold, but with the added advantage of being digital and new.
Wood’s Long-Standing Support for Bitcoin
Wood has been a strong advocate for the potential of bitcoin. In September 2021, she predicted that bitcoin could reach $500,000 within five years, just before it reached its peak value of $69,000. She also anticipated the growth of the metaverse into a multi-trillion-dollar industry in the same year. Wood highlighted the limited involvement of institutions in BTC and the preference of young people for bitcoin over gold.
Deflationary Outlook and Contrarian View
At Ark Invest, Wood’s team expects a significant deflationary event in the U.S. economy. Despite the common belief that bitcoin is acquired as protection against inflation, Wood believes that deflation is on the horizon. She compared the current economic period to the 19-teens rather than the 1970s. Wood emphasized the transparency and lack of counterparty risk in bitcoin compared to regional banks.
Insights on Artificial Intelligence and Tesla
In addition to discussing bitcoin, Wood also shared her insights on artificial intelligence (AI) and Tesla during the podcast interview.
Hot Take: Cathie Wood Favors Bitcoin Over Gold as a Long-Term Investment
Cathie Wood, the CEO of Ark Invest, firmly believes that bitcoin is a superior long-term investment compared to gold. She sees bitcoin as a hedge against both inflation and deflation, with the added advantage of being a digital asset. Wood’s support for bitcoin aligns with her optimistic outlook on its future value and the nascent stage of institutional investment in the cryptocurrency. Her contrarian view on deflation challenges the common perception of bitcoin as an inflation hedge. As an influential figure in the investment world, Wood’s endorsement of bitcoin carries significant weight.
By
By
By
By
By
By