Cathie Wood Bets Bitcoin Will Surge Past Gold by 2030
Gold has long been seen as a safe-haven asset, while Bitcoin is often viewed as risky and volatile. However, Cathie Wood, CEO of ARK Invest, believes the cryptocurrency is gaining an edge over the precious metal. Bitcoin has outperformed gold since August, and Wood described this shift as a positive turn in the Bitcoin-to-gold ratio.
Wood predicts Bitcoin could reach $1.5 million by 2030, a massive leap from its current price of around $86,000. She also revealed she bought $100,000 worth of Bitcoin at approximately $250 per coin, which would now be worth over $34.4 million, representing a 34,300% return. Institutional adoption and artificial intelligence are key factors Wood believes could drive Bitcoin's future growth.
Meanwhile, gold has corrected sharply after a strong rally earlier this year, strengthening Wood's bullish outlook on Bitcoin. However, Warren Buffett remains a vocal critic. In 2018, he famously called Bitcoin "probably rat poison squared" and predicted a bad ending for cryptocurrencies. His longtime collaborator, Charlie Munger, also dismissed cryptocurrencies as "just dementia."
Despite Buffett's skepticism, Bitcoin has surged over 750% since his 2018 remarks, highlighting the stark contrast in opinions between Wall Street experts.