Bitcoin Outperforms Gold as Cathie Wood Sees 'Turn' in Favor of Cryptocurrency

ARK Invest CEO Cathie Wood says the 'turn is in' for Bitcoin against gold, as the apex cryptocurrency has outperformed the metal since August. Bitcoin has gained over 33% since August 16, while gold has declined by over 4%. This trend is not limited to the past week, as the two assets have moved in opposite directions since mid-August. Wood pointed to the recent negative correlation between Bitcoin and gold, which she believes indicates a shift in the market.

Wood also mentioned that Citi raised its 12-month Bitcoin target to $113,000, a significant increase from earlier this year. This move is seen as a bullish sign for Bitcoin, and Wood's comments suggest that the market is shifting in favor of the cryptocurrency. The ARK Invest CEO also tied the decline of gold to the decline in core inflation, which she believes will continue to drop.

Wood's views on the market are not without precedent. Tom Lee, chairman of BitMine Immersion Technologies, suggested that a new PCE approach could shave 0.2 to 0.4 points off core inflation readings, which could be a bullish sign for crypto if it means the Fed tightened too early.