Bitcoin and Ethereum are acting as a flight to safety amid disruption to global order, says Cathie Wood
ARK Invest CEO Cathie Wood says Bitcoin (BTC) and Ethereum (ETH) are serving as a flight to safety assets as the global economy becomes increasingly disrupted.
In a new episode of ARK Invest’s “In The Know” podcast, the CEO compares the two largest digital assets by market cap to gold and says that despite being known as volatile assets, they act as safe havens during tough economic times.
“These previously volatile risk metrics feel like a flight to safety. We think this is an issue to watch out for. We believe that many innovations out there will be the flight to safety.
Why? Because they will disrupt the traditional world order. What are Bitcoin and Ether doing? I mean just the fact that they are viewed as a flight to safety like gold is really interesting and suggests a much broader acceptance and acceptance than I think most people understand.”
Wood goes on to say that the disruption to the world order is being led by crypto assets themselves and that the innovation of blockchain technology cannot be stopped.
“We would say there is a flight to safety, certainly led by crypto assets, and it is telling us that the world is changing and will continue to change. You can’t stop innovation.”
Bitcoin is trading at $30,300 at the time of writing, while Ethereum is valued at $2,087, both partial increases over the past 24 hours.
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