One of Bitcoin’s most ardent advocates, Cathie Wood, recently made a provocative comment on the cryptocurrency’s potential use in a deflationary economy.
For the next decade, ARK Invest CEO Cathie Wood sees Bitcoin (BTC) as a deflation hedge, a claim she made in a bold public declaration.
As a buffer against possible deflation, Wood recently claimed that he would choose Bitcoin over gold or cash in an interview with Bloomberg’s Merryn Talks Money podcast.
Wood has long argued that Bitcoin should be seen as “digital gold.” Wood thinks Bitcoin offers a buffer against both inflation and deflation owing to its absence of unfavorable third-party risk and low institutional interference.
This view is consistent with Wood’s long-held deflationist beliefs. Despite mounting inflation fears, Wood has held this outlook since 2021. Wood blames developments in AI, EVs, robots, genome sequencing, blockchain, and other technologies to his pessimistic inflation outlook.
In Wood’s view, Bitcoin’s use goes much beyond that of a currency. Wood claims he foresees a day when Bitcoin and AI will work together to make possible new forms of global microtasking and division of labor.
Also Read: Elon Musk Hints at XAI’s New Chatbot ‘Grok’ to Compete with ChatGPT
