Wood Sees Bitcoin's Breakout Against Gold as 'Miles to Go' Signal

ARK Invest CEO Cathie Wood believes Bitcoin still has 'miles to go' despite its recent rally. According to her, the cryptocurrency is part of three stacked revolutions: a technology platform, a new global monetary system, and the first asset of a wholly new class.

Wood pointed out that gold tends to rally ahead of Bitcoin's bull runs, but this time the relationship is shifting. She cited the low correlation between BTC and gold as a 'very reassuring' sign for long-term allocators.

The near-term tell, in her view, is the Bitcoin-to-gold ratio: correlation is unusually low right now. This break-out makes Wood's thesis credible, especially given that gold recently outperformed Bitcoin by a wide margin this year.

Wood described Bitcoin as 'both a risk-off and a risk-on asset', a dual role that separates it from both equities and gold. She believes BTC has miles to go because of those three revolutions.