According to Cathie Wood, CEO of ARK Invest, Bitcoin and Ether are currently functioning as “risk-off” assets and as a “flight to safety” for investors amidst macroeconomic uncertainty, similar to gold. She believes that the recent banking crisis has demonstrated Bitcoin’s resilience and suggests that the crypto market is transforming and will continue to do so. Wood also predicts that cryptocurrency will become an “election issue” once the sector becomes more widely accepted.
However, Ray Dalio, the founder of Bridgewater Associates, disagrees with Wood’s sentiment. He argues that Bitcoin is too volatile and not an effective currency, adding that gold is a much better alternative. He also believes that Bitcoin could be outlawed or regulated by central banks and countries. Despite previously praising Bitcoin, Dalio now wants to see an “inflation-linked” coin to ensure consumers secure their buying power.
