Cathie Wood, CEO of US asset management giant ARK Invest, said that a “replacement” from gold to Bitcoin (BTC) is underway, and Bitcoin spot ETFs (exchange traded funds) can be traded. He said that this trend is likely to increase as the number of people increases.

Bitcoin prices, which are typically denominated in dollars, have been consistently rising since their inception, even compared to gold, Wood noted on the company’s Big Ideas 2024 podcast.

“Right now, we’re seeing a shift towards Bitcoin, and we think it’s going to continue now that there are easier ways to access Bitcoin.”

Bitcoin is often compared to gold as a store of value due to its limited supply and difficulty in mining. This is in contrast to other assets like fiat currencies, which can seemingly be printed out of thin air.

Additionally, the potential impact of a Bitcoin spot ETF has been likened to that of a gold ETF. Gold prices have risen more than 250% in the seven years since gold ETFs were introduced in November 2004.

｜Translation/Editing: CoinDesk JAPAN Editorial Department
｜Image: Cathie Wood CEO (CoinDesk)
｜Original text: Bitcoin ETFs Mean ‘Substitution’ From Gold Into BTC Will Continue, Says Cathie Wood