Ark Invest CEO Cathie Wood statedthat Bitcoin is superior to gold as a hedge asset. In her opinion, the first cryptocurrency allows you to protect your savings from economic uncertainty.
Here the CEO of Ark Invest refers to events in early March 2023 in the USA. Then three banks closed within a few days – Silicon Valley Bank, Silvergate and Signature Bank.
The Bitcoin drawdown shortly after the launch of spot ETFs based on the asset was explained by the head of the company by the behavior of some traders. According to her, before this event there were many “anticipated purchases”, after which there were sales from opportunists.
Wood pointed out that Bitcoin is rising relative to gold. Now that access to the asset has become easier for institutional clients, this trend will only intensify, she believes.
Her words are confirmed by data from the Xe Currency Tools service. According to them, the price of Bitcoin in gold (XAU) has been steadily increasing since the beginning of 2023:
Notably, Wood stated that the KRE index is “acting up.” Earlier, crypto expert Arthur Hayes predicted a new banking crisis in the United States. Against this background, he expects the Bitcoin rate to jump to $1 million.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
