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Veteran investor Cathie Wood described Bitcoin as both a risk-off and risk-on asset on Friday, while remaining bullish on its long-term prospects.
Bitcoin-Gold Ratio to Increase?
During Ark Invest’s “In The Know” episode, Wood shared her perspective on Bitcoin’s promising trajectory.
She drew attention to a low correlation between Bitcoin and gold, suggesting a potential “breakthrough” for the cryptocurrency relative to the precious metal.
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“The correlation between Bitcoin and gold is very low by historical standards, and so to see Bitcoin starting to break out relative to gold is very reassuring from our point of view,” Wood said.
Wood has frequently posited that gold prices tend to rally ahead of Bitcoin’s bull markets, citing the 2020–21 and 2024–25 cycles as examples.
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Bitcoin Has Miles to Go, Says Wood
Wood, a known Bitcoin bull, emphasized the cryptocurrency’s role as a “technological revolution”, a new global monetary system and a first-of-its-kind asset class.
“We think it has miles to go because of those three revolutions,” she added
That said, Wood believed the “technology revolution” bit would put many companies “in harm’s way,” generating counterparty risk.
“This idea of where the counterparty risk in the economy: that might accrue to the benefit of both Bitcoin and gold,” the Ark Invest founder said. “We think Bitcoin is both a risk-off and a risk-on asset.”
Wood’s Bullish Thesis
Wood has positioned Bitcoin as a “wealth insurance policy” that AI-driven growth investments cannot provide. She maintains her $730,000 base case Bitcoin target for 2030.
She’s also described Bitcoin as a “critical public financial infrastructure” and demanded that those securing it have access to the “most powerful AI models” available.
Notably, Bitcoin has outperformed gold over the past month, though its year-to-date losses have been steeper.
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Source: finance.yahoo.com