Key Takeaways
- Cathie Wood said she would favor Bitcoin over gold.
- Peter Schiff has fired back at Wood on X.
- Wood reaffirmed ARK Invest’s long-term Bitcoin thesis.
Cathie Wood, chief executive of ARK Invest, said traders should consider shifting from gold into Bitcoin (BTC) — leading to a public pushback from famed gold advocate Peter Schiff.
Speaking on The Rundown podcast on Feb. 1, Wood argued that precious metals’ current price levels are difficult to justify outside periods of extreme economic stress.
Cathie Wood’s Gold Comments
“If I were a betting person, I would make a shift from gold into Bitcoin,” Wood said.
Speaking on the podcast, Wood noted that gold has historically surged during periods such as the Great Depression and the high-inflation era of the 1970s and early 1980s.
However, she emphasized that current conditions do not resemble either of those times.
“Gold is probably ripe for a fall,” Wood said, pointing out that during the Great Depression, the U.S. government devalued the dollar against gold and confiscated private holdings.
While she did not offer direct investment advice, Wood said she would personally favor Bitcoin over gold, citing its long-term role as a store of value.
She added that although stablecoins have assumed some of Bitcoin’s transactional role in emerging markets, she sees that as a temporary trend.
“When people want real savings, they’re going to buy Bitcoin,” she said.
Peter Schiff Fires Back
The comments drew a sharp response from long-time Bitcoin critic Peter Schiff on Sunday.
“Cathie Wood is a fool,” Schiff wrote in a post on X.
Adding: “Most people won’t realize that until they go broke following her advice.”
In a follow-up post, Schiff added: “You can’t say I’ve never been right. The most bullish Bitcoin promoters have now been wrong for years.”
Schiff has consistently argued that gold remains a superior store of value compared with Bitcoin and other forms of crypto, warning that BTC’s price gains are driven largely by speculation.
Despite the criticism, Wood has repeatedly defended her firm’s Bitcoin thesis and remained bullish on its long-term price growth.
Cathie Wood’s Bullish Bitcoin Outlook
Wood reiterated ARK Invest’s long-term bullish outlook for Bitcoin, pointing to the firm’s “bull case” price target of $1.5 million by 2030.
“Digital gold contributes the most to our bear and base cases,” ARK wrote in its Big Ideas 2025 report. “Institutional investment drives our bull case.”
Despite Wood claiming that stablecoins have taken up some of the role “we thought that Bitcoin would play,” she has remained strong on the firm’s long-term target.
“Stablecoins are taking some of the role that Bitcoin has been in emerging markets. That’s true, but that’s not forever. That’s just for the equivalent of a checking account,” she said.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
