Bitcoin Poised to Rival Gold’s Value, Says Cathie Wood
ARK Investment Management CEO Cathie Wood predicts that Bitcoin (BTC) could soon reach a value comparable to that of gold. In an interview with InfoMoney, she stated, “Gold is a trillion-dollar asset out there, and we do believe that Bitcoin will get a nice slug of that.”
Bitcoin ETFs Surpass Silver ETFs
This week, Bitcoin ETFs have become the second-most valuable commodity in the United States, surpassing silver ETFs. With over $26 million assets under management (AUM), Bitcoin ETFs now hold double the value of silver ETFs, which have $11 million AUM. However, gold ETFs still dominate with $95 million AUM.
Bolstering Bitcoin ETFs
The approval of spot Bitcoin ETFs by the SEC has prompted ARK Investment Management to take action. The firm’s ARK Next Generation Internet ETF (ARKW) purchased $15.9 million worth of shares from the Ark 21 Shares Bitcoin ETF (ARKB). Additionally, they sold $15 million of their ProShares Bitcoin Strategy ETF (BITO) shares to buy $15 million worth of ARKB shares. BITO’s assets have decreased to $1.7 billion following the launch of spot Bitcoin ETFs.
Cathie Wood Criticizes Gensler’s Statement
SEC Chair Gary Gensler’s statement regarding spot Bitcoin ETFs drew criticism from Cathie Wood. Gensler stated that while the SEC approved the listing and trading of spot Bitcoin ETP shares, it did not endorse Bitcoin itself due to its speculative nature and use in illicit activities. Wood expressed disappointment in Gensler’s remarks, saying he denigrated the entire crypto space.
Hot Take: Bitcoin’s Potential to Challenge Gold
According to Cathie Wood, Bitcoin has the potential to rival gold as a trillion-dollar asset. As Bitcoin ETFs outpace silver ETFs in value and gain recognition as a valuable commodity, it is clear that Bitcoin is gaining traction in the financial markets. However, regulatory challenges and criticisms from figures like SEC Chair Gary Gensler remain obstacles for Bitcoin’s mainstream adoption. Nonetheless, with influential figures like Cathie Wood backing Bitcoin’s growth, the cryptocurrency continues to make strides towards becoming a significant player in the global economy.
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