A familiar fault line in finance has cracked open once again—Bitcoin versus gold—and this time, the sparks are flying.
Cathie Wood, CEO of ARK Invest and one of Bitcoin’s most vocal institutional champions, has reignited the debate by saying she would personally shift from gold into Bitcoin. The remark, made on The Rundown podcast on February 1, quickly drew a blistering response from legendary gold advocate Peter Schiff, setting off another public clash between two of the market’s most polarizing voices.
Cathie Wood: “Gold Is Probably Ripe for a Fall”
Wood’s argument was rooted in history—and timing.
“If I were a betting person, I would make a shift from gold into Bitcoin,” she said, while stressing she was not offering direct investment advice.
She pointed out that gold’s strongest rallies have historically occurred during moments of extreme economic stress, such as the Great Depression or the high-inflation era of the 1970s and early 1980s. In her view, today’s environment simply doesn’t match those conditions.
“Gold is probably ripe for a fall,” Wood said.
She also reminded listeners that gold’s rise during the Great Depression wasn’t organic. It was fueled by government intervention, including the U.S. dollar’s devaluation against gold and the confiscation of private gold holdings—events she suggested are unlikely to be repeated in the same way.
Bitcoin, on the other hand, fits what Wood sees as the modern definition of a long-term store of value.
“When people want real savings, they’re going to buy Bitcoin,” she said.
Stablecoins Are Temporary—Bitcoin Is the Savings Layer
Wood acknowledged that Bitcoin hasn’t fully evolved into the transactional currency some once envisioned, particularly in emerging markets where stablecoins now dominate day-to-day payments.
But she views that shift as temporary.
“Stablecoins are taking some of the role that Bitcoin has been in emerging markets,” Wood said. “That’s true—but that’s not forever. That’s just for the equivalent of a checking account.”
In ARK’s view, Bitcoin’s real power lies not in spending, but in saving.
Peter Schiff Unloads
The comments didn’t sit well with Peter Schiff, who has spent years criticizing Bitcoin and defending gold as the ultimate hedge.
“Cathie Wood is a fool,” Schiff fired off on X on Sunday.
“Most people won’t realize that until they go broke following her advice.”
He followed up by taking aim at Bitcoin’s long-term performance relative to its most optimistic forecasts.
“You can’t say I’ve never been right,” Schiff wrote. “The most bullish Bitcoin promoters have now been wrong for years.”
Schiff has consistently argued that Bitcoin’s price gains are driven largely by speculation, while gold’s value is rooted in thousands of years of monetary history.
ARK Doubles Down on a $1.5 Million Bitcoin
Despite the backlash, Wood isn’t backing down.
She reaffirmed ARK Invest’s long-term Bitcoin thesis, including its headline-grabbing bull case price target of $1.5 million by 2030.
In ARK’s Big Ideas 2025 report, the firm wrote:
“Digital gold contributes the most to our bear and base cases. Institutional investment drives our bull case.”
Even as Wood admits Bitcoin’s role is evolving, she remains convinced its endgame is unchanged.
Gold may shine in times of fear—but in a digitized financial system, Wood believes Bitcoin is the asset designed for the future.
As markets continue to debate what truly qualifies as “safe,” the clash between Bitcoin believers and gold traditionalists is far from over. And judging by this latest exchange, neither side is pulling its punches anytime soon.