Happycoin.club - Founder and CEO of ARK Investment Management Cathie Wood considers Bitcoin to be a "much more promising idea" than gold. She expressed this thought in response to a comment from U.S. Federal Reserve Chair Jerome Powell, who described the flagship cryptocurrency as a digital version of gold.
According to Wood, Bitcoin is still in the early stages of its development, so it has every chance of surpassing the precious metal in market capitalization.
Today, Fed Chair Powell referred to Bitcoin as a virtual digital version of gold. With a price of $2700, the market capitalization of gold is about $15 trillion, while the capitalization of Bitcoin is only $2 trillion. Even after surpassing the $100,000 mark, the flagship cryptocurrency is still at the beginning of its journey, she stated.
BTC Price Chart
In the last 24 hours, Bitcoin has risen by more than 6%, exceeding the $100,000 level. At the time of writing, BTC was trading at $101,400. The market capitalization of the leading crypto asset has exceeded $2 trillion.
Interestingly, just hours before Bitcoin soared to $100,000, Fed Chair Jerome Powell publicly referred to Bitcoin as virtual gold because traders tend to use both assets to protect money from inflation rather than as a means of payment. Thus, the official sees BTC more as a competitor to the precious metal than to the U.S. dollar.