Katy Wood prefers Bitcoin in a macroeconomic depression; gold is overvalued.

Influential investor Cathy Wood, head of ARK Invest, recently revealed her analytical stance on two key store-of-value assets—gold and cryptocurrencies. Her conclusions shed light on a critical crossroads facing aggressive investors in the current macroeconomic environment, characterized by excess liquidity and monetary expansion.

Gold reaches historic highs—Is the valuation too high?

Wood emphasized that gold relative to the M2 money supply is at extreme levels, surpassing figures from the high-inflation 1970s and even the Great Depression of the 1930s. However, she points out a significant difference between the current situation and historical crises. The macroeconomic environment is characterized not by contraction but by expansion of the monetary base, economic stabilization, and abundant financial liquidity in markets.

Wood assesses gold as an asset embedded in scenarios of catastrophic crisis. In her view, the value of the precious metal is in a phase of speculative overheating, which will inevitably lead to corrective pressure. This means that current prices reflect irrational optimism about an economic collapse—a scenario that appears less likely under current stability.

Early stages of Bitcoin development—A choice for the farsighted investor

In stark contrast to her pessimistic view of gold, Wood interprets Bitcoin quite differently. She sees the cryptocurrency in an early stage of institutionalization and functional transformation, far from maturity. With the current price at $67,550 (as of February 2026), she believes Bitcoin has significant upside potential.

Wood’s strategy is simple and logical: if an investor maintains an active market position, now is an optimal point for capital rotation—from overvalued gold to undervalued Bitcoin potential. This is not just a speculative move but a transition to an asset that is continuously integrating into the global financial system.

Ambitious forecast: $1.5 million by 2030

Wood does not hide her optimism regarding cryptocurrencies. She reaffirmed her long-term price target for Bitcoin—reaching $1.5 million by 2030. Such a forecast implies more than a 20-fold increase from current levels, reflecting her conviction in Bitcoin’s revolutionary role in transforming the monetary system.

Wood’s final conclusion serves as an investment compass for the current macroeconomic stage: gold has played its role in protecting against inflationary crises, while Bitcoin acts as a tool for adapting to a technologized financial future. In conditions of depressive risks and monetary pressure, cryptocurrencies appear as a more attractive instrument for investors ready for transformative market changes.