Ark Invest CEO Cathie Wood Says Bitcoin Will Continue To Draw Investors From Gold: 'There's Now A Substitution'
Portfolio Pulse from Mehab Qureshi
ARK Invest CEO Cathie Wood predicts a continued shift of investors from gold to Bitcoin, citing the launch of spot Bitcoin ETFs as a facilitator. She highlighted Bitcoin's resilience and role as a haven during financial turbulence, such as the March 2023 regional bank crisis in the US. ARK Invest launched the ARK 21Shares Bitcoin ETF on January 11. Bitcoin's price was slightly up in the last 24 hours.
February 07, 2024 | 5:46 am
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POSITIVE IMPACT
Cathie Wood's positive outlook on Bitcoin, especially as a substitute for gold and its performance during financial crises, could attract more investors.
Wood's comments highlight Bitcoin's potential to draw investors from traditional assets like gold, especially with the ease of access through ETFs. Her reference to Bitcoin's performance during the March 2023 bank crisis further underscores its appeal as a safe haven, potentially boosting investor confidence and demand.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90