Cathie Wood, CEO of investment manager ARK Invest, said a “substitution” of gold with Bitcoin (BTC) is underway and the availability of spot exchange-traded funds (ETFs) will reinforce this trend.
While the price of the largest cryptocurrency is denominated primarily in fiat currencies, usually the US dollar, BTC has steadily risen since its inception even compared to gold, Wood pointed out on ARK Invest's Big Ideas 2024 podcast.
“There is now substitution with Bitcoin, and we think that will continue because there is a much easier way… to access Bitcoin,” she said.
Due to its limited supply and the difficulty of mining gold and BTC, Bitcoin is often compared to gold as a store of value. This is in contrast to other assets, such as national currencies, which can seemingly be printed out of thin air.
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