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- Cathie Wood believes Bitcoin’s decentralized nature makes it a stronger asset than gold in the digital era.
- Jerome Powell compares Bitcoin to digital gold, emphasizing its role as a store of value in a growing market.
CEO of ARK Invest, Cathie Wood, has underlined once more her conviction that Bitcoin has more value and relevance than gold. The expected appointment of Paul Atkins as the U.S. Securities and Exchange Commission (SEC) new chairman fuels her hope.
Renowned for his crypto-friendly approach, Atkins is expected to create a legal climate that supports creativity in the digital asset market. Given the difficulties Gary Gensler’s current regulatory environment presents, Wood sees this as a chance for Bitcoin to confirm its place as a pillar of the global financial ecosystem.
Indeed, @ARKInvest believes that bitcoin is a much bigger idea than gold!
— Cathie Wood (@CathieDWood) December 5, 2024
Bitcoin: A Digital Gold for the Modern Era
Complementing this story, recent remarks made by Federal Reserve Chairman Jerome Powell have attracted more interest in the possibilities of Bitcoin. Emphasizing its function as a store of value rather than a direct rival of the U.S. dollar, Powell likened BTC to a digital form of gold.
Given the gold market’s valuation of about $15 trillion and Bitcoin’s current market cap of around $2 trillion, the discrepancy highlights Bitcoin’s early growth stage. Many institutional investors share Powell’s recognition of Bitcoin’s growing relevance as a major actor in the financial scene.
According to Wood, in the digital era, Bitcoin is a better substitute for gold because of its limited availability and distributed character. Under Atkins’s guidance, the increasing institutional acceptance and legal certainty are expected to drive significant growth for Bitcoin.
Moreover, Wood emphasizes that Bitcoin is a revolutionary financial tool since its natural qualities fit the changing needs of a digital-first global society.
The recent surge in Bitcoin’s value, surpassing the $100,000 barrier for the first time, demonstrates its increasing velocity. Analyzes credit this milestone on Powell’s comments as well as the expected legislative change under Atkins.
These events have not only raised investor confidence but also positioned Bitcoin as a more solid rival to conventional assets like gold. For Wood, these elements support her belief that the development narrative of Bitcoin is merely starting.
Previously, CNF noted Wood claimed Bitcoin might become a strong competitor to gold as a safe-haven investment during turbulent times for the economy. She underlined Bitcoin’s exceptional performance throughout the financial crisis and its long-term upward tendency compared to gold.
