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Bitcoin ETFs Mean 'Substitution' From Gold Into BTC Will Continue, Says Cathie Wood

While bitcoin's price is often denominated against fiat currencies, Wood pointed out that even relative to gold, BTC has risen consistently since its early days.

Updated Mar 8, 2024, 9:08 p.m. Published Feb 6, 2024, 4:18 p.m.
Ark Invest CEO Cathie Wood
Ark Invest CEO Cathie Wood (Danny Nelson/CoinDesk)

Cathie Wood, the CEO of investment manager ARK Invest, said there is a "substitution" from gold into bitcoin under way, and the availability of spot exchange-traded funds (ETFs) will extend that trend.

While the price of the largest cryptocurrency is primarily denominated in fiat currencies, usually the U.S. dollar, even relative to gold BTC has been rising consistently since its early days, Wood pointed out on ARK Invest's "Big Ideas 2024" podcast.

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"There's now a substitution into bitcoin, and we think that is going to continue now that there is a much easier way ... to access bitcoin," she said.

Bitcoin is often compared to gold as a store of value due to its finite supply and the difficulty in mining gold and mining BTC. That contrasts with other assets, such as national currencies, which can seemingly be printed out of thin air.

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By extension, the possible effects of the first spot bitcoin ETFs are likened to the effect the first gold ETF had. The yellow metal's price surged over 250% in the seven years following its first ETF in November 2004.

Read More: ARK Invest Says Optimal Bitcoin Portfolio Allocation for 2023 Was 19.4%


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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

  • Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

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