Bitcoin, Ether are ‘like gold’ says Cathie Wood, but Ray Dalio is skeptical
April 16. 2023
By Brayden Lindrea
Cathie Wood thinks Bitcoin and Ether are acting as “risk-off” assets and as a “flight to safety” for investors amid macroeconomic uncertainty.
Recent turmoil in the banking sector has shown that Bitcoin (BTC $29,970) and Ether (ETH $2,097) can withstand a shaky economy, outperform other asset classes and function like gold, says ARK Invest CEO Cathie Wood — but one long-time investor still isn’t sold.
Wood said in an April 15 interview that Bitcoin’s resilience throughout the most recent banking crisis has been “the most remarkable” of all indicators her tech-focused investment management firm is monitoring.
Bitcoin and Ether are now acting as “risk-off” assets and as a “flight to safety” for investors amid macroeconomic uncertainty, she claimed:
“They’re going to disrupt the traditional world order. What are Bitcoin and Ether doing? I mean by the very fact that they’re being considered flight to safety like gold, that’s really interesting and suggests much broader-based adoption and acceptance than I think most people understand.”
“We would say that there is a flight to safety, certainly led by crypto assets, and it is telling us that the world is transforming and will continue to transform. You cannot stop innovation,” she added.
Wood thinks cryptocurrency will eventually become an “election issue” when the sector becomes more broadly accepted, and the public can more clearly see the kinds of regulatory pressure that the United States government is applying on the industry to maintain centralized control of money and monetary policy.
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