Bitcoin, Ether are ‘like gold’ says Cathie Wood, but Ray Dalio is skeptical

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Recent turmoil in banking sector shows Bitcoin (BTC) and Ether (ETH) can withstand economic volatility, outperform other asset classes and perform like gold, says ARK Invest top Executive Director Cathy Wood said. It didn’t sell.

Wood explained on April 15 interview Bitcoin’s resilience during the recent banking crisis was the “most notable” of all the metrics her tech-focused investment management firm monitors.

Bitcoin and Ether are currently serving as “risk-off” assets and “safe havens” for investors amid macroeconomic uncertainty, she argued.

“They are trying to disrupt the traditional world order. What are Bitcoin and Ether doing? Yes, and that’s very interesting, and suggests much broader adoption and acceptance than most people think they realize.”

“There is certainly a crypto-led escape to safety that tells us that the world is changing and will continue to change. Innovation cannot be stopped,” she added.

Wood wants the crypto sector to be more widely accepted and the public to have a clearer understanding of the kind of regulatory pressure the U.S. government is applying to the industry to maintain centralized control of its currency and monetary policy. I believe that virtual currency will eventually become an “election issue”.

Not all share Wood’s sentiments.

Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund by assets, explained In an April 12 interview, he said that Bitcoin cannot function as a “valid currency” because it is too unstable to be adopted by central banks.

“Bitcoin is not an effective currency because it is neither an effective wealth store nor a medium of exchange. […] It’s a very poor alternative to gold. ”

“They can make it illegal [Bitcoin]They can regulate it. Either way, central banks and countries hardly want it,” he said, adding that it’s drawing attention “disproportionately” for its size.

Related: Analysts Explain Bitcoin Will Likely Outperform All Crypto Assets After Banking Crisis

Dalio bolstered his argument by pointing out that gold is the third largest reserve held by central banks, behind only the US dollar and the euro.

Despite previously describing bitcoin as an “outrageous invention,” Dalio recently said instead that an “inflation-linked” coin would be created to help ensure consumer purchasing power. explained that he wanted

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