LATEST: Gold Being Substituted for Bitcoin Post Spot ETF Launch Says Cathie Wood

ARK Invest CEO Cathie Wood notes a significant shift from gold to Bitcoin among investors after the introduction of spot Bitcoin exchange-traded funds (ETFs). This substitution trend is expected to persist due to the enhanced accessibility of Bitcoin. Wood emphasizes Bitcoin’s rise compared to gold, linking it to the smoother access facilitated by ETFs. She anticipates Bitcoin proving itself as a “risk-off asset” during banking sector weaknesses, citing a 40% surge in Bitcoin’s price during a regional bank crisis in March 2023. The correlation between Bitcoin and gold has reached a record high of 0.80, as indicated by Fidelity’s analysis, showcasing a strengthened connection between the two assets. Despite a recent 20% price correction following the spot Bitcoin ETF launch, Wood remains optimistic, citing the resilience of Bitcoin holders with a longer-term perspective. ARK Invest, among the ETF issuers, launched the ARK 21Shares Bitcoin ETF, holding $705.8 million in Bitcoin.

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