Catherine Wood, Founder, CIO, and CEO at ARK Investment Management, LLC (aka “ARK” or “ARK Invest”), said in a recent interview that gold bugs don’t understand the value of investing in Bitcoin.
Wood told Yahoo! Finance in an interview that fans of gold fail to understand Bitcoin’s value beyond being a store-of-value asset.
As reported by the Daily Hodl, Wood said:
Many investors who have spent their careers focused on gold cannot understand the digital concept associated with gold… What we think [they’re] missing is it’s much more than just a store of value or digital gold. Bitcoin, in particular, is a new global monetary system. It’s a rules-based monetary policy, which is completely decentralized and therefore is not subject to the whims of policymakers.
Wood went on to describe Bitcoin as a hedge against the “whims” of policymakers, particularly in areas of emerging markets. ARK Invest’s CEO also noted the number of high-profile investors and figures who have been converted to supporting Bitcoin over gold, including billionaires Ray Dalio and Stanley Druckenmiller.
Wood mentioned that interest in blockchain and its potential uses were driving investors to choose Bitcoin over gold, pointing out that Bitcoin is creating an internet payment ecosystem that was not previously possible due to the limitations of technology.
She went on to describe blockchain adoption as being a more efficient way of conducting commerce on the internet, and said that few could have predicted its development thirty to forty years ago.
Back in February, during an interview on Bloomberg TV, Wood said that she thinks Bitcoin is “the best hedge against inflation out there far none and better than gold.”
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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