ARK Invest CEO Cathie Wood says that Bitcoin (BTC) and Ethereum (ETH) are serving as flight to safety assets as the world’s economy becomes increasingly disrupted.
On a new episode of ARK Invest’s In The Know podcast, the chief executive likens the top two digital assets by market cap to gold, saying that they are acting as safe havens during tough economic times despite being known as volatile assets.
[adinserter block="1"]“These previously volatile, risk-on metrics are acting like flight to safety. We think this is a theme that you should be watching out for. We think a lot of innovations out there are going to be the flight to safety.
Why? Because they’re going to disrupt the traditional world order. What are Bitcoin and Ether doing? I mean by the very fact that they’re being considered flight to safety like gold, that’s really interesting and suggests much broader-based adoption and acceptance than I think most people understand.”
Wood goes on to say that the disruption in the world’s order is being led by crypto assets themselves, and that the innovation of blockchain technology cannot be stopped.
“We would say that there is a flight to safety, certainly led by crypto assets, and it is telling us that the world is transforming and will continue to transform. You cannot stop innovation.”
Bitcoin is trading for $30,300 at time of writing while Ethereum is valued at $2,087, both fractional increases during the last 24 hours.
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