Cathie Wood: Bitcoin is competing for gold’s global market share

Cathie Wood, founder and CEO of ARK Investment Management, said in an interview that she believes Bitcoin prices may one day reach $1 million, just not anytime soon. Gold is a multi-trillion dollar asset and she does believe Bitcoin will take a piece of its global market. Cathie Wood, explaining how Bitcoin reached a price of $1 million per coin, said that the comparison is not only about value, but also about the fundamental role that Bitcoin can play as a decentralized, private alternative to traditional currencies. Furthermore, Bitcoin plays a vital role in emerging markets as a hedge against unstable monetary and fiscal policies by individuals and institutions, and most emerging markets will use something like Bitcoin as an insurance strategy. Cathie Wood believes that Bitcoin represents a new era of finance - the first global, digital, decentralized currency system, which is a breakthrough development. (Decrypt)