Catherine wood: "Bitcoin could be the new gold standard" – Bits Media

Ark Investment Management Founder and CEO Catherine Wood said, that bitcoin could be the new gold standard, because it is able to increase purchasing power.

In a series of tweets, Ark Investment Management founder Catherine Wood (Catherine Wood) noted, that today's emerging technological innovations are genomic sequencing, robotics, energy storage, Artificial Intelligence and Blockchain - Eclipsing Innovation in the Late 1800s – early 1900s.

According to her, Bitcoin may become the new "gold standard", as it is able to increase purchasing power. Most countries adhered to the gold standard in the early 20th century, before abandoning it after the Great Depression.

Wood's Twitter series was in response to concerns from Tesla CEO Elon Musk (Elon Musk) about the unusually high ratio of the S index&P 500 to GDP.

According to Wood, disruptive technologies tend to deflation due to Wright's Law. Rapidly increasing productivity increases profits, while interest rates close to zero are pushing S&P 500 much higher. Wood noted, that at the beginning of the 20th century, the stock market was three times higher than GDP. She wrote:

“Technology platforms are deflationary due to 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 have increased the quality of profits, while low interest rates have boosted their capitalization (numerator)».

Recall, что в марте Кэтрин Вуд предостерегла владельцев BTC в США от конвертации криптоактивов в фиатную валюту до изменения налогового законодательства и заявила, that capitalization in $1 trillion for bitcoin is just the beginning.