Superstar fund manager Cathie Wood says that gold bugs fail to understand one fundamental property of Bitcoin.
In a new interview on Yahoo! Finance, Wood tells fans of the precious metal that Bitcoin is more than a store-of-value asset.
“Many investors who have spent their careers focused on gold cannot understand the digital concept associated with gold… What we think [they’re] missing is it’s much more than just a store of value or digital gold. Bitcoin, in particular, is a new global monetary system. It’s a rules-based monetary policy, which is completely decentralized and therefore is not subject to the whims of policymakers. In fact, it’s a hedge against the whims of policymakers, especially in emerging markets.”
Wood highlights that there have been some conversions among former detractors of Bitcoin, including billionaires Ray Dalio and Stanley Druckenmiller, who are now invested in crypto assets.
“These are very thoughtful investors who at one point thought Bitcoin was a Ponzi scheme in some cases and have been converted. I think one of the reasons they have been converted is when you think about what blockchain technology is doing, it is putting into place via the internet the payments ecosystem that was not put in place in the early days of the internet because it was never conceived with commerce in mind…
When you fill in the picture with blockchain technology, all you’re doing is saying ‘Yes, there’s a more efficient way of doing commerce. We just didn’t know commerce was going to be a part of the internet in the 80s and early 90s.’”
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