Speaking to Yahoo Finance, Wood indicated that the cryptocurrency market has a bright future while stating that Bitcoin is rising to surpass gold as the digital store of value. According to Wood, despite the recent rally, markets are not in a price bubble. She notes that cryptocurrencies are a generational phenomenon, and the crypto industry is evolving as technology evolves. She made the remarks in disagreement with billionaire investor John Paulson who recently criticized Bitcoin and cryptocurrencies. According to Paulson, cryptocurrencies will at some point correct to zero in the near future, and they have no value. Wood stated that for the sector to mature, there still needs to be regulations that will be good for Bitcoin. Her sentiments come as Bitcoin embarks on a short-term rally trading at $51,400, gaining 7% over the last seven days.
More investment avenues
The financial expert noted that there are additional avenues for people to enter the crypto space, especially with the emergence of retail investment platforms like Robinhood. She described Robinhood’s entry into the crypto space as magnificent while stating that such platforms have changed how investments occur. According to Wood, retail platforms mostly attract young people, with Robinhood standing on top for offering options investing. Watch: ‘We couldn’t be further from’ a market bubble: Cathie Wood [coinbase]
