World-renowned fund manager Cathie Wood touts the power of Bitcoin as a protection against inflation. According to Wood, Bitcoin is in a better position than many assets.
Cathie Wood: “Bitcoin is outperforming gold.”
ARK Invest’s CEO said in a new interview with Yahoo Finance that he expects BTC to continue to outperform gold.
I believe there is no better measure against inflation than Bitcoin. As we know, gold is moving, but is now far behind Bitcoin significantly. So there is probably some change of stock, but I believe both will work well over time.
Woods says he also expects Bitcoin adoption among institutional investors and large companies.
I think we’ll hear more companies putting this protection on their balance sheets, and especially tech companies that understand technology and are comfortable with it.
“New records normally last for generations, but BTC is different.”
Woods says Bitcoin’s relatively rapid recovery from the huge bear market that started in early 2018 is singular and remarkable. She believes the macroeconomics played an important role in the rapid resurgence of the leading cryptocurrency.
Usually, when there is a parabolic movement like Bitcoin in 2017, it usually takes a generation for that asset or that stock to return to its peak. I think some or the continuation of this may have been triggered by forcing bond yields by doing what many people don’t expect.
ARK thinks Bitcoin will be on the rise for years and bought its first Bitcoin fund in 2015, when the price was about $ 250.