ARK Invest CEO Cathie Wood said she would “make a shift from gold into Bitcoin” after gold’s run left the metal looking extended on a key liquidity-adjusted measure, arguing that bitcoin’s supply dynamics and long-term adoption case still favor the crypto asset despite a sluggish year.
Sell Gold, Buy Bitcoin Now?Her more forceful warning was directed at gold’s positioning versus broad money. “You’ll find this […] a chart showing gold divided by M2. It has only been—it has never been higher. It hit a new all-time high this week,” Wood said, arguing the setup resembles historical extremes that coincided with very different macro regimes. “Gold is probably riding for a fall […] The last two times it was anywhere near this was in the massive inflation […] in the 70s early 80s and […] the Great Depression.”
Her core comparative claim against gold centered on issuance. “The supply growth of Bitcoin is 0.8% per year and it’ll drop to 0.4 in another two years,” Wood said, contrasting it with gold supply growth she pegged at about 1% on average and suggesting mining output could run higher than bitcoin’s deterministic issuance rate. She also pointed to “intergenerational wealth transfer” as a potential tailwind for bitcoin over time.
Because bitcoin is “the most liquid of all crypto assets,” Wood argued it becomes “the first margin call,” making it the primary source of forced selling during broad deleveraging. She suggested that overhang is now fading, but her comments came before Monday’s downdraft that saw bitcoin slide to $74,600. In the interview, she said the market was “testing […] around 80,000 again” and expected it to “hold in the 80 to 90,000 range” absent a major geopolitical shock. “Unless all hell breaks loose in Iran […] then maybe we’ll see the store of value come back for Bitcoin,” she added.
At press time, BTC traded at $78,377.
