- Bitcoin critic Peter Schiff believes that the founder ARK Invest Cathie Wood is overly optimistic about Bitcoin.
- She is confident that young people will prefer digital gold over physical gold.
- Peter Schiff believes that it is more convenient to use tokenized gold, which is not a risky asset.
Economist Peter Schiff disagrees with the investment firm’s chief executive’s forecast. ARK Invest Cathie Wood on the rise of Bitcoin to $1,5 million.
Wood считает, that the bullish rally in the XAU market, as a result of which the precious metal went up in price by 74% last year, signals strong demand for assets that protect savings from inflation. However, according to Katie, young people will prefer digital gold, rather than physical gold, by which she means BitcoinTherefore, due to a strong capital influx, BTC will rise in price to $1,5 million.
Cathie Wood
If people want to own digital gold, why don’t they buy tokenized gold, for example, Tether Gold, not Bitcoin? Tokenized gold is digital gold. And Bitcoin – it’s digital nothing. It’s a fake. At best, it can be called digital gold for fools, – reasonably answered Schiff in response to this statement.
Peter’s point of view is not without logic, because representatives of the traditional financial sector attribute Bitcoin to high-risk assets. Accordingly, having this status, kriptovalyuta cannot be considered a store of value. This is confirmed by the four-year cycles observed in the BTC market, during which the coin’s price falls by 77% or more within a year of the end of a three-year bull run.
In this case, as Reported redaction Happy Coin News In February, Wood described Bitcoin investments as a hedge against deflation resulting from the widespread use of AI. She therefore believes that BTC can protect against both rising and falling prices of goods and services. She attributes this to the cryptocurrency’s ability to retain its value, thus ignoring periods of sharp declines in the digital asset’s price.
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