Cathie Wood Says Bitcoin Has ‘Miles to Go’ as BTC-Gold Ratio Breaks Out

ARK Invest CEO Cathie Wood has reinforced her long-term bullish outlook for Bitcoin, pointing to an improving BTC-to-gold ratio as a potentially important signal for institutional investors.

During ARK’s September “In The Know” episode, Wood described Bitcoin as representing three major transformations: a technology revolution, a new global monetary system and the creation of an entirely new asset class. Because adoption across all three areas remains relatively early, she said Bitcoin still has “miles to go.”

Wood highlighted Bitcoin’s recent performance against gold as particularly encouraging. She has previously observed that gold often rallies before Bitcoin enters stronger bullish phases, citing the 2020–21 and 2024–25 market cycles.

Now, Bitcoin appears to be gaining ground against the precious metal. Wood noted that BTC’s correlation with gold is currently “very low by historical standards,” making the recent breakout in the Bitcoin-gold ratio significant for long-term portfolio allocation.

The shift comes as Bitcoin trades near $80,000 after failing to sustain a move above $82,000. A stronger-than-expected August U.S. jobs report recently pressured crypto markets, but BTC has remained close to the psychologically important $80,000 level.

Gold has substantially outperformed Bitcoin during parts of 2026, supported by safe-haven demand amid geopolitical uncertainty. Wood believes Bitcoin gaining relative strength despite gold’s strong performance could signal a change in market leadership.

She also characterized Bitcoin as both a “risk-off and a risk-on asset,” arguing that its unique monetary properties distinguish it from traditional equities and gold.

Institutional accumulation provides additional support for the bullish thesis. Strategy recently purchased another 4,603 BTC for approximately $370 million, increasing its holdings to 845,050 BTC. Meanwhile, spot Bitcoin ETFs attracted roughly $924 million in net inflows over the past week despite a Friday outflow.

ARK’s longer-term Bitcoin price outlook remains highly bullish. The investment firm has previously projected a $730,000 base-case target and a $1.5 million bull-case target for BTC by 2030.

However, macroeconomic risks remain. Persistently high real interest rates or continued demand for gold as a safe haven could weaken the BTC-gold breakout and delay Bitcoin’s next major advance.