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Bitcoin and gold: crypto remains behind $43,000 amid Cathie Wood comparison

Bitcoin and gold: crypto remains behind $43,000 amid Cathie Wood comparison
February 6, 2024 – 09:54

The executive director and CEO of ARK Invest highlighted a fundamental change in investment preferences that could impact the price of BTC.

The price of Bitcoin remains bullish as the cryptocurrency advances, but remains below US$43,000. All this, in the midst of the comparison of Cathie Wood, the American investor and founder, executive director and CEO of ARK Invest, who defended BTC and classified it as the new gold. For its part, Ethereum rebounds a little more and rises 0.7% since yesterday and stands above US$2,300.

Market sentiment appears cautiously optimistic, as influential voices like Wood’s compare Bitcoin’s utility to gold, suggesting a paradigm shift in asset allocation strategies.

Meanwhile, the market is digesting ProShares’ recognition of the impact of a Bitcoin ETF on the futures market. In the midst of this, JPMorgan’s criticism of Tether highlights heightened scrutiny on regulatory compliance within the crypto space.

Cathie Wood on Bitcoin and Gold

Cathie Wood highlighted a fundamental shift in investment preferences shifting from gold to Bitcoin, driven by the launch of BTC cash ETFs. She describes the parent cryptocurrency as a preferred “risk-off” asset, especially noted during the regional banking crisis in the United States in March 2023.

Wood said he remains confident in Bitcoin’s potential to outperform gold, supported by broader adoption of Bitcoin ETFs. Despite a drop in the price of Bitcoin after the launch of the ETF, Wood interprets the market reaction as indicative of a long-term investment horizon.

As for ‘altcoins’, the main alternative tokens are dyed red. Solana (SOL), On the positive side, tron ​​(TRX), polygon (MATIC), and chainlink (LINK) are up 3%, 1.2%, and 0.5%, respectively.

Source: Ambito

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