Cathie Wood, the founder of ARK Invest and also one of the issuers of Bitcoin spot ETFs, known as the “female stock god,” stated that Bitcoin is replacing gold as a value storage asset. This trend is currently ongoing, and it is expected to continue as investors can now trade BTC more conveniently through Bitcoin spot ETFs.
In a video released on the ARK Invest YouTube channel on the 4th, Cathie Wood and ARK’s Chief Futurist Brett Winton showcased a chart of the Bitcoin-to-gold ratio. Wood pointed out that the banking crisis reflects Bitcoin being viewed as a “safe haven asset.” With the worsening of the US commercial real estate market this month leading to an escalation of the banking crisis, Wood predicts that Bitcoin will prove itself as a “safe haven asset” just like gold. She cited the example of the “regional bank crisis” that began with the bankruptcy of a Silicon Valley bank in March last year, which caused the price of Bitcoin to surge by 40%.
Regarding the topic of Bitcoin’s price dropping by 20% within two weeks after the launch of Bitcoin spot ETFs, Wood stated that she is not surprised by this price adjustment. In fact, she predicted a “Sell The News” selling wave before the approval and listing of Bitcoin spot ETFs. However, she also emphasized that out of the circulating 19.5 million Bitcoins, as many as 15 million have not been moved in 155 days. This may indicate that as much as 77% of the circulating Bitcoins are still held by long-term holders.
It is worth noting that Wood has repeatedly stated that the listing of Bitcoin spot ETFs will attract a massive influx of institutional funds and drive the price of Bitcoin to millions of dollars by 2030. In an interview last month, she even predicted that in a bull market, BTC will reach $1.5 million by 2030.
Furthermore, in ARK Invest’s annual report titled “Big Ideas 2024” released in early February, a bolder estimate was made. If 19.4% of the global $250 trillion investable asset base is allocated to Bitcoin, the price of Bitcoin could reach $2.3 million.