Bitcoin ETFs: Paving the Golden Road to Digital Domination, Says Cathie Wood
Feb 7, 2024
Cathie Wood, CEO of ARK Invest, highlighted the ongoing shift from gold to bitcoin, emphasising that the availability of spot exchange-traded funds (ETFs) will further propel this trend. Speaking on ARK Invest's "Big Ideas 2024" podcast, Wood noted that while bitcoin's price is traditionally measured against fiat currencies like the U.S. dollar, it has consistently appreciated relative to gold since its inception. With the emergence of spot bitcoin ETFs, accessing bitcoin has become much simpler, fueling the substitution from gold into the cryptocurrency. This comparison between bitcoin and gold stems from their shared characteristics as finite assets, unlike national currencies susceptible to inflation. Analysts draw parallels between the potential impact of bitcoin ETFs and the significant price surge experienced by gold following the introduction of its first ETF in November 2004, which saw a remarkable 250% increase over seven years.