Cathie Wood Emphasizes Support for Bitcoin
Over the past month, the launch of Bitcoin ETFs has attracted strong inflows from both retail and institutional players. Cathie Wood of Ark Invest believes that Bitcoin will more quickly replace gold as a safe-haven asset. Wood delves into her perspective on Bitcoin's current behavior, emphasizing its role as a risk-averse asset and being seen as "safe-haven" in times of economic uncertainty.
Wood reviews a pattern observed during the regional bank crisis in March 2023, during which Bitcoin's price saw a significant 40% growth. She describes this period as a time when Bitcoin's price experienced significant growth while the regional bank index, represented by KRE, faced challenges. Wood points out that during periods when the regional bank index shows signs of volatility, Bitcoin is regaining attention.
She claims that the concept of Bitcoin acting as a "safe-haven" is becoming more apparent. Meanwhile, global markets, including China, are facing economic uncertainty, leading to an increasing number of investors seeking exposure to Bitcoin.
Wood interprets the recent decline in Bitcoin's price as a situation driven by anticipated purchases, paving the way for the launch of 11 ETFs, followed by the subsequent "sell-the-news" phenomenon, typically driven by opportunistic trading strategies.
Supporting her viewpoint, Wood shares a chart comparing Bitcoin's price to that of gold, demonstrating a strong, long-term upward trend. According to Wood, this trend reflects Bitcoin's partial replacement of gold in the investment field.
As Bitcoin continues to respond to market dynamics and economic uncertainty, Wood's perspective provides valuable insights into the evolving role of cryptocurrencies in the broader financial sector.
Comparison of Bitcoin and Gold in 2024
Amid another scenario of a regional bank crisis on Wall Street, with many major companies announcing large-scale layoffs this year, Bloomberg Intelligence strategist Mike McGlone suggests that Bitcoin supporters still believe Bitcoin could be a strong hedge against potential declines in bonds and stock markets in 2024. However, McGlone holds a different view.
According to McGlone, the likelihood of assumptions typically favorable to risk assets, such as a possible Fed rate cut, not materializing is higher. Therefore, he suggests that in terms of performance this year, gold may outperform Bitcoin.
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