Cathie Wood, the founder of ARK Invest and also one of the issuers of Bitcoin spot ETF, known as the “female stock god,” stated that Bitcoin is replacing gold as a store of value asset because investors can now trade BTC more conveniently through Bitcoin spot ETF.
According to Cointelegraph, in a video released on ARK Invest’s YouTube channel on the 4th, Cathie Wood, along with ARK’s Chief Futurist Brett Winton, showed a chart of the Bitcoin-to-gold ratio. She pointed out that the trend of Bitcoin replacing gold as a store of value asset is underway and is expected to continue, as investors can now trade BTC more conveniently through Bitcoin spot ETF.
As the banking crisis worsens due to the deterioration of the US commercial real estate market this month, Wood predicts that Bitcoin, like gold, will prove itself as a “safe-haven asset.” She cited the example of the “regional bank crisis” that began with the bankruptcy of Silicon Valley Bank last March, during which the price of Bitcoin soared by 40%.
Regarding the topic of Bitcoin’s price dropping by 20% within two weeks after the launch of the Bitcoin spot ETF, Wood stated that she was not surprised by this price adjustment. In fact, she predicted the occurrence of a “Sell The News” sell-off wave before the listing of the Bitcoin spot ETF.
However, she also emphasized that out of the circulating 19.5 million Bitcoins, as many as 15 million have not moved in the past 155 days, which may indicate that up to 77% of the circulating Bitcoins are still held by long-term holders.
It is worth noting that Wood has repeatedly stated that the listing of Bitcoin spot ETF will attract a massive influx of institutional funds and drive the price of Bitcoin to millions of dollars by 2030. In an interview last month, she even predicted that BTC would reach $1.5 million by 2030 in a bull market.
Furthermore, in ARK Invest’s annual report “Big Ideas 2024” released in early February, they made a bolder estimation. If 19.4% of the global investable asset base of $250 trillion is allocated to Bitcoin, the price of Bitcoin could reach $2.3 million.
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