Catherine Wood: Bitcoin could be the new gold standard

in LeoFinance2 months ago

Catherine

Founder and CEO of ARK Investment Management, Catherine Wood, said that Bitcoin could become the new gold standard as it can increase purchasing power. Wood’s statement came during a series of tweets in which she responded to the question of Tesla CEO Elon Musk when he asked about the unusually high ratio of the market capitalization of companies taken into account when calculating the S&P index to the macroeconomic indicator of the gross domestic product.

Wood added Disruptive technologies tend to deflate because of Wright’s Law. Rapidly rising productivity increases profits, while near-zero interest rates are pushing the S&P 500 much higher. Wood noted that at the beginning of the 20th century, the stock market was three times the GDP.

“Technology platforms are deflationary through learning curves or Wright’s Law. The gold standard was also valid. As deflation put pressure on the increasingly difficult-to-measure nominal GDP (denominator), exponential unit growth and rapid productivity growth boosted the quality of profits, while low interest rates boosted their capitalization (numerator), ” she said.

According to Wood, advanced technological innovations such as genomic sequencing, robotics, energy storage, artificial intelligence, and blockchain outdid those of the late nineteenth and early twentieth centuries.

Last month, Catherine Wood recommended that crypto investors not make any Bitcoin transactions until the IRS changes its rhetoric regarding cryptocurrencies.

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