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BTC ARK Invest CEO Cathie Wood on Bitcoin: Technology-driven deflation, BTC's correlation with gold turns negative
In the latest "In The Know" program, ARK Invest CEO Cathie Wood gave a compelling view on Bitcoin and delved into billionaire investor Bill Ackman's warnings about inflation. Wood pointed out that despite market concerns about rising inflation, technological progress may have a strong "de-inflation" effect in the future and even trigger deflation in some areas. At the same time, she noticed a significant change in Bitcoin's performance relative to gold.
Technological changes may curb long-term inflation expectations
Wood believes that major technological transformations such as artificial intelligence, robotics, energy storage, blockchain technology and multi-omics sequencing are expected to reduce production costs, thereby posing significant pressure on inflation. As a result, ARK Invest's CEO firmly believes that, contrary to market consensus, inflation is more likely to fall rather than rise in the long run.
In addition, Wood also analyzed that the recent increase in U.S. Treasury yields is mainly due to the increase in real interest rates, rather than the rise in inflation expectations. She said this showed that the market was beginning to price higher real economic growth. Wood emphasized that if artificial intelligence and other innovative technologies accelerate productivity growth, economic growth could significantly exceed current expectations.
Bitcoin shows an independent market, and the narrative of "digital gold" faces reconstruction
When it comes to Bitcoin, Wood is particularly concerned that BTC is beginning to gain an advantage in the showdown against gold. Although Bitcoin is often referred to as "digital gold," Wood pointed out that the long-term correlation between the two assets is actually quite low. She cited ARK research data since 2019, showing that the correlation between Bitcoin and gold has remained at a level of about 0.1.
Wood further stated that the correlation between the two has turned negative recently, that is, Bitcoin tends to rise when gold falls. ARK Invest CEO is positive about the situation and said: "We think the reversal of Bitcoin has arrived."
