🚀 Crypto Despite Bitcoin’s Blistering Run Past $100K, ARK’s Cathie Wood Believes It’s Still In ‘Early Innings’

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The past few weeks have been nothing short of exhilarating for the cryptoverse. Bitcoin, the market leader, is on a parabolic rally after surging past the $100,000 barrier for the first time on Wednesday. This represents a staggering 120% year-to-date return. But if ARK Invest’s Cathie Wood is to be believed, this is only the beginning.

Bitcoin Is A “Much Bigger Idea Than Gold”​

In a recent post on the X platform, Cathie Wood, CEO and founder of ARK Invest, shared her thoughts on the recent appointment of crypto-friendly Paul Atkins as the next U.S. Securities and Exchange Commission chair.

Wood noted that Atkins will “free digital assets from Gary Gensler’s chokehold and protect private property rights in the digital world.”

She also highlighted that Federal Reserve Chairman Jerome Powell recently likened Bitcoin to gold. “It’s like gold, only it’s virtual, it’s digital,” Powell said on Wednesday.

However, the ARK boss suggested that the notion of Bitcoin is bigger than gold, particularly because of its borderless nature. She quipped:

“Indeed, ARK Invest believes that Bitcoin is a much bigger idea than gold.”

Wood then compared Bitcoin to gold, noting that the precious metal boasts a $15 trillion market value. Bitcoin, on the other hand, has a market capitalization of $2 trillion at press time — which signals that it has more room to grow.

Bitcoin reached the highly coveted $100,000 milestone yesterday, over 15 years after its enigmatic inventor, Satoshi Nakamoto, launched the OG crypto.

“Even after breaking through $100,000, Bitcoin still is in early innings,” Wood asserted.

Crypto-Friendly Trump 2.0 SEC​

Bitcoin’s upsurge to historic highs has in large part been spurred by Donald Trump’s historic presidential election win on Nov. 6.

The pro-crypto President-elect has congratulated Bitcoin enthusiasts on the heels of BTC crossing $100K:

“CONGRATULATIONS BITCOINERS!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”

Ending the SEC’s crypto crackdown by appointing a crypto-friendly person to replace Gensler was one of Trump’s promises to crypto voters on the campaign trail and a highlight of his keynote speech at the Bitcoin 2024 conference in July. The Bitcoin rally is expected to continue into 2025 as the crypto foe leaves office on January 20.

It remains to be seen whether Trump fulfills his other promises of establishing a federal strategic Bitcoin reserve and dominating the crypto mining industry.