🚀 Cathie Wood Calls Bitcoin a Much Bigger Idea Than Gold
posted 5 Dec 2024
ARK Invest founder and CEO Cathie Wood commented on Bitcoin’s surge above $100,000. In a post on X, Wood said she believes Bitcoin is still in its early innings, even after breaking through the $100,000 mark.
The coin surged after the news that Donald Trump had picked Paul Atkins as the next SEC chairman.
According to Wood, December 5 marked a significant day for Bitcoin and digital property rights, as pro-crypto Atkins will free the industry from Gary Gensler’s “chokehold” and protect private property rights in the digital world.
ARK Invest's CEO also referenced Fed Chair Jerome Powell’s remarks at the DealBook Summit, where he described Bitcoin as a digital version of gold. Comparing the market caps of both assets, Wood noted that gold has a $15 trillion market cap at $2,700 per ounce, while Bitcoin’s market cap is only $2 trillion.
Wood emphasized ARK Invest’s belief that Bitcoin is a much bigger idea.Bitcoin, launched in January 2009, achieved a $2 trillion market cap in less than 16 years. In comparison, Apple took 42 years to reach this milestone, and Amazon took 29.
In November, Cathie Wood predicted Bitcoin’s price could reach $650,000 by 2030 with a possibility of $1.5 million if favorable circumstances unfold.
At the time of writing, Bitcoin is trading at around $103,000, with a 7% increase in the last 24 hours.
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