ARK Invest CEO Cathie Wood celebrated Bitcoin’s ascent past $100,000 and welcomed a new era of regulatory leadership under incoming SEC Chairman Paul Atkins. Taking to X (Twitter), Wood described the day as a landmark moment for Bitcoin and digital property rights.
She expressed optimism that Atkins would undo what she called Gary Gensler’s “chokehold” on digital assets, ushering in innovation and protecting private property rights in the digital world.
“Great day for #bitcoin and digital property rights!” Wood wrote. “Incoming SEC Chairman Paul Atkins will free digital assets from Gary Gensler’s shackles and protect private property rights in the digital world.”
Bitcoin vs. Gold: The Battle for Market Dominance
Cathie Wood also highlighted the disparity between Bitcoin and gold, comparing Bitcoin’s $2 trillion market cap to gold’s $15 trillion valuation. While gold has served as a store of value for centuries, Wood pointed out that Bitcoin represents a more significant and innovative concept.
“Today, Fed Chair Powell described Bitcoin as a virtual, digital version of gold,” she wrote. “Even after breaking through $100,000, Bitcoin still is in the early innings. ARK Invest believes that Bitcoin is a much bigger idea than gold!”
Wood’s comments reinforce the narrative that Bitcoin, despite its historic highs, has immense growth potential. As digital assets gain traction globally, proponents argue that Bitcoin could one day surpass gold as the premier store of value.
Regulatory Optimism Under Paul Atkins as New SEC Head
The appointment of Paul Atkins as SEC Chair by President-elect Donald Trump has fueled optimism within the cryptocurrency community. Atkins, known for advocating balanced regulation, has pledged to prioritize innovation and property rights in the digital space.
His leadership contrasts sharply with that of his predecessor, Gary Gensler, whose tenure saw aggressive enforcement actions against major exchanges like Binance, Coinbase, and Kraken.
Trump’s statement on Atkins’ nomination underscored the importance of digital assets to America’s future. “He recognizes that digital assets and other innovations are crucial to making America greater than ever before,” Trump remarked.
Bitcoin’s rally continues unabated, trading at $102,658.98 with a 6% gain in the past 24 hours. This milestone reflects growing institutional interest and a shifting regulatory landscape that could further legitimize the asset.
Cathie Wood’s optimism, coupled with a potential regulatory pivot, paints an exciting picture for Bitcoin and the broader digital asset ecosystem. As the crypto space evolves, Bitcoin appears poised to continue rewriting the rules of finance.