Featured image from Cryptoknowmics, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Ark Invest CEO Cathie Wood was a guest on Merryn Somerset Webb\u2019s show \u2018Merryn Talks Money\u2019, where she discussed the macro environment and the recent happenings in the financial world. What will mainly interest the crypto community is what she had to say about the flagship cryptocurrency, Bitcoin.\u00a0 \u201cBitcoin Hands Down\u201d When quizzed by Merryn about which she would prefer to hold for 10 years between gold, cash, and Bitcoin, Wood replied by saying, \u201cBitcoin hands down.\u201d She noted that while Bitcoin and Gold both have hedging functionalities, the latter already had its time, unlike Bitcoin, which she labeled as \u201cnew\u201d and was just gaining steam.\u00a0 Related Reading: Can The ADA Price Climb Above $20 In The Bull Market? Analyst Provides Answers While highlighting Bitcoin\u2019s future potential and \u201cincremental demand,\u201d she stated that institutions were still barely involved and that the major investors of the future (the \u201cyoung people,\u201d as Wood put it) would prefer to hold Bitcoin over Gold. She also mentioned that Bitcoin has been outperforming Gold recently in terms of its hedging capabilities.\u00a0\u00a0 Wood\u2019s bullishness on the foremost cryptocurrency may not come as a surprise to many, considering that her company, ARK Invest, is one of many asset managers who have applied with the US Securities and Exchange Commission (SEC) to offer a Spot Bitcoin ETF.\u00a0 Interestingly, her company leads the race toward approval as the SEC is expected to make a decision (possibly approve) on their application in January 2024, with decisions on the other applications to come after. However, it remains to be seen if that is what will happen, as the SEC can choose to approve (if it does) all funds at the same time.\u00a0 Cathie Wood Recognizes Bitcoin\u2019s Importance Earlier in the interview, Wood highlighted the price of Bitcoin as one of the things her company was monitoring in relation to the financial markets and deciding on how to gauge the inflation rate.\u00a0 She alluded to how Bitcoin\u2019s price rose from $19,000 to $30,000 during the regional banking crisis that occurred back in March with a couple of banks like Silicon Valley Bank collapsing.\u00a0 Related Reading: Did Ethereum Founder Vitalik Buterin Short Ethereum? Unraveling A 70,000 ETH Sale She described Bitcoin\u2019s rise during that period as \u201cfascinating\u201d and how many saw the cryptocurrency as a \u201cflight to safety vehicle.\u201d While many have in the past touted Bitcoin as a hedge against Inflation, Cathie Wood believes it can go both ways as the cryptocurrency can also serve as a hedge against deflation because there is no counterparty risk in Bitcoin.\u00a0 She seemed to suggest that Bitcoin was a haven for many, especially with the banking crisis, because it was completely \u201ctransparent and decentralized,\u201d unlike banks where customers do not know anything about what goes in there and how their deposits are being used or safeguarded.\u00a0 BTC trading in a tight range | Source: BTCUSD on Tradingview.com Featured image from Cryptoknowmics, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":559480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8861,428,5514,656,679,5765,1119,89185,1144,78790,55016],"class_list":["post-559477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ark-invest","tag-bitcoin","tag-bitcoin-gold","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-vs-gold","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt","tag-cathie-wood"],"acf":[],"yoast_head":"\n
Why Ark Invest\u2019s Cathie Wood Picks Bitcoin Over Cash And Gold<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n