Founder and CEO ARK Investment Management Cathie Wood believes Bitcoin "a much more promising idea" than gold, she said in response to comments from US Federal Reserve Chairman Jerome Powell, who called the flagship cryptocurrency a digital version of gold.
According to Wood, Bitcoin is only in the early stages of its development, so it has every chance of surpassing the precious metal in terms of market capitalization.
Today, Fed Chairman Powell called Bitcoin virtual digital version of gold. At $2700, gold's market cap is about $15 trillion, while Bitcoin's is only $2 trillion. Even after breaking the $100,000 mark, the flagship kriptovalyuta is still at the beginning of its journey, she said.
BTC Price Chart
Last day Bitcoin has risen more than 6%, breaking the $100,000 mark. At the time of writing, BTC was trading at $101,400. The market capitalization of the leading crypto asset has exceeded $2 trillion.
Interestingly, just a few hours before Bitcoin soared to $100,000, Fed Chairman Jerome Powell publicly called Bitcoin virtual gold because traders tend to use both assets to protect money from inflation rather than as a means of payment. Thus, the official considers BTC more of a competitor to the precious metal than to the US dollar.
