‘Substitution’ of gold for Bitcoin is now underway, says Cathie Wood
The ARK Invest CEO expects that trend to continue now that investors can trade Bitcoin in a more accessible way through spot Bitcoin ETFs.
Investors are started to move from gold to Bitcoin (BTC) after the launch of spot Bitcoin exchange-traded funds (ETFs), according to the CEO of ARK Invest.
“Relative to gold, Bitcoin has been rising. There’s now a substitution into Bitcoin and we think that is going to continue now that there is a less friction-filled way to access Bitcoin,” said ARK Invest’s Cathie Woods in a Feb. 4 chat with chief futurist Brett Winton on the firm’s YouTube channel.
Like gold, Wood expects Bitcoin to prove itself as a “risk off asset” when the banking sector shows signs of weakness.
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