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ARK Invest chief executive Cathie Wood said Bitcoin’s flat price is being misread as weakness when it actually reflects a major structural repricing.
In ARK’s 2026 outlook released on January 15, Wood described the US economy as a “coiled spring” shaped by a prolonged rolling recession.
She said weak housing sales and contracting manufacturing are setting the stage for a sharp rebound driven by deregulation and lower taxes.
Wood identified blockchain technology, alongside artificial intelligence and robotics, as key platforms poised to fuel the next productivity boom.
She argued that while the economy represents the coiled spring, Bitcoin is positioned to absorb a disproportionate share of future wealth creation.
Wood contrasted Bitcoin’s fixed supply with gold, which saw strong price gains encourage higher mining output.
“Gold and bitcoin miners are likely to respond to these price signals differently: gold miners, by boosting production of gold, something not possible with bitcoin,”
Cathie Wood said.
She noted that Bitcoin fell about 6% in 2025 while gold rallied, creating a divergence that overlooks Bitcoin’s tightening issuance schedule.
Wood said Bitcoin’s supply growth is mathematically capped, rising by roughly 0.82% per year for the next two years before slowing further.
She added that issuance is expected to decelerate to around 0.41% annually after that period.
Beyond supply dynamics, Wood highlighted Bitcoin’s low correlation with traditional asset classes.
She pointed to ARK data showing Bitcoin’s correlation with gold at 0.14 and with bonds at 0.06.
Wood said these figures are significantly lower than the correlation between equities and bonds.
“Bitcoin should be a good source of diversification for asset allocators looking for higher returns per unit of risk during the years ahead,”
Cathie Wood said.
She concluded that Bitcoin’s current consolidation phase could precede a sharp repricing as macro conditions improve.
At the time of reporting, Bitcoin price was $92,579.89.