Cathie Wood: Bitcoin is vying for the global gold market

In an interview, Cathie Wood, the founder and CEO of ARK Investment Management, stated that she believes a single Bitcoin could one day be worth $1 million, but not anytime soon. Gold is an asset worth trillions of dollars and she truly believes that Bitcoin will benefit greatly from it. When explaining how Bitcoin could reach a price of $1 million each, Cathie Wood said this comparison involves not only value but also the fundamental role that Bitcoin can play as a decentralized and private alternative to traditional currencies. In addition, Bitcoin plays a crucial role in emerging markets where it can hedge against unstable currency and fiscal policies for individuals and institutions; most emerging markets will use something like Bitcoin as insurance. Wood believes that Bitcoin represents a new era in finance - the first global, digitalized, decentralized currency system. This is a breakthrough development especially considering the closure of America's gold window in 1971.