Bitcoin bull Cathie Wood believes that gold’s time has passed. The CEO of Ark Invest shared her views on the ongoing debate between the traditional safe haven asset and digital currency. In a recent interview on the Merryn Talks Money podcast, Wood was asked to choose between holding gold, a cash deposit account, or Bitcoin for a decade. She passionately advocated for Bitcoin, emphasizing its ability to hedge against inflation and deflation. Wood acknowledged the historical appeal of gold but pointed out that Bitcoin is still a relatively new and evolving asset, with institutions only just beginning to explore its potential.
Wood’s perspective aligns with the growing sentiment among younger investors who prefer Bitcoin over gold. She highlighted the technological novelty of Bitcoin and its increasing popularity among millennials and Gen Z. They see it as a more attractive store of value compared to traditional gold.
Interestingly, Wood noted that both gold and Bitcoin can serve as hedges against deflation. However, she observed that Bitcoin has been outperforming gold in recent times.
In conclusion, Wood’s sentiment reflects the changing investment landscape, with Bitcoin emerging as a strong contender. It remains to be seen if more investors will follow suit as Bitcoin continues its recovery from the bear market of 2022.