‘Substitution’ of gold for Bitcoin is now underway, says Cathie Wood

Feb 05. 2023

By Brayden Lindrea

Investors a started to move from gold to Bitcoin (BTC) after the launch of spot Bitcoin exchange-traded funds (ETFs), according to the CEO of ARK Invest. 

“Relative to gold, Bitcoin has been rising. There’s now a substitution into Bitcoin and we think that is going to continue now that there is a less friction-filled way to access Bitcoin,” said ARK Invest’s Cathie Woods in a Feb. 4 chat with chief futurist Brett Winton on the firm’s YouTube channel.

Bitcoin to gold (log) chart shared by Cathie Wood’s ARK Invest. Source: YouTube

Like gold, Wood expects Bitcoin to prove itself as a “risk off asset” when the banking sector shows signs of weakness.

The ARK Invest CEO said the market saw this firsthand in March 2023 when the United States experienced a “regional bank crisis,” — leading Bitcoin’s price to shoot up 40%.

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