Bitcoin Could See a “Nice Slug” of Gold’s Trillion-Dollar Asset Value, Cathie Wood Says
ARK Investment Management CEO Cathie Wood believes Bitcoin (BTC) could soon be nearly as valuable as gold, according to a recent interview she conducted with Brazilian financial markets information firm, InfoMoney.
“Gold is a trillion-dollar asset out there, and we do believe that Bitcoin will get a nice slug of that,” Wood said.
As of this week, Bitcoin ETFs surpassed silver ETFs to become the second-most valuable commodity currently trading in the United States.
At present, Bitcoin ETFs boast over $26 million assets under management (AUM), while silver ETFs hold less than half of that at $11 million AUM. Gold ETFs still significantly outweigh both the aforementioned ETFs combined with $95 million AUM.
Wood’s comments come nearly a week after the SEC approved several spot Bitcoin ETF applicants , including the Ark 21 Shares Bitcoin ETF (ARKB). On Tuesday, the ARK Next Generation Internet ETF (ARKW) purchased $15.9 million worth of shares from ARKB, in what may be seen as a move to bolster the spot bitcoin ETF amidst tough competition. On Wednesday, the firm followed suit by selling $15 million of their ProShares Bitcoin Strategy ETF (BITO) shares and using it to purchase $15 million worth of ARKB. In the week leading up to the approval of spot Bitcoin ETFs, shares of BITO soared over 10% with assets amassing to over $2 billion. However, future-based funds are currently experiencing outflows following the launch of spot Bitcoin ETFs, with BITO’s assets back down to $1.7 billion. As of Friday afternoon, ARKB was trading at $41.14, down 12% since its initial launch on January 11th.
However, it appears not everyone is thrilled about the launch of spot Bitcoin ETFs. “While we approved the listing and trading of certain
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