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