ARK Invest CEO Cathie Wood said she would \u201cmake a shift from gold into Bitcoin\u201d after gold\u2019s run left the metal looking extended on a key liquidity-adjusted measure, arguing that bitcoin\u2019s supply dynamics and long-term adoption case still favor the crypto asset despite a sluggish year.<\/p>\n
Speaking on a Feb. 2 episode of The Rundown interview<\/a>, Wood framed the call as part of a broader \u201cgreat acceleration\u201d thesis laid out in ARK\u2019s latest \u201cBig Ideas\u201d report, which expects AI-driven capital expenditure to surge and spill into robotics, energy storage, blockchain, and life sciences through what she described as converging S-curves.<\/p>\n Wood pushed back on the idea that bitcoin has \u201clost its mojo\u201d as gold has outperformed in recent years, starting with a statistical point. \u201cFirst thing you should know, Bitcoin and gold are not correlated. We did the analysis [\u2026] the correlation [\u2026] is as close to zero as you can get so no correlation,\u201d she said, adding that in the last two market cycles, gold led bitcoin before<\/a> the crypto asset caught up.<\/p>\n Her more forceful warning was directed at gold\u2019s positioning versus broad money. \u201cYou\u2019ll find this [\u2026] a chart showing gold divided by M2. It has only been\u2014it has never been higher. It hit a new all-time high this week,\u201d Wood said, arguing the setup resembles historical extremes that coincided with very different macro regimes. \u201cGold is probably riding for a fall [\u2026] The last two times it was anywhere near this was in the massive inflation [\u2026] in the 70s early 80s and [\u2026] the Great Depression.\u201d<\/p>\n Wood said the stablecoin boom has absorbed some of bitcoin\u2019s \u201cemerging markets\u201d transaction narrative, but she characterized that as a payments-layer substitution rather than a savings-layer replacement. \u201cThat\u2019s just for the equivalent of a checking account. When they want real savings, they\u2019re going to buy Bitcoin, we believe,\u201d she said, tying the view to ARK\u2019s long-term upside case. She referenced a bull-case target<\/a> of $1.5 million by 2030 in the conversation, alongside the firm\u2019s previously discussed seven-figure framework.<\/p>\n Her core comparative claim against gold centered on issuance. \u201cThe supply growth of Bitcoin is 0.8% per year and it\u2019ll drop to 0.4 in another two years,\u201d Wood said, contrasting it with gold supply growth she pegged at about 1% on average and suggesting mining output could run higher than bitcoin\u2019s deterministic issuance rate. She also pointed to \u201cintergenerational wealth transfer\u201d as a potential tailwind for bitcoin over time.<\/p>\nSell Gold, Buy Bitcoin Now?<\/h2>\n