Cathie Wood, the CEO of ARK Invest, has recently shared her insights regarding the relationship between Bitcoin and gold, suggesting that their current lack of correlation is a positive indicator for the cryptocurrency. In a detailed analysis from early February 2026, Wood noted that since 2019, the correlation coefficient between Bitcoin and gold has been as low as 0.14. This indicates that the two assets have not been moving in tandem, particularly as gold has reached new highs while Bitcoin remains approximately 50% below its all-time peak.
Wood”s perspective challenges the notion that this disconnect is detrimental to Bitcoin. Instead, she frames it as part of a historical pattern that could signal a forthcoming rally for the cryptocurrency. Historically, significant movements in gold have often preceded substantial increases in Bitcoin prices, with strong performances in gold leading to aggressive upside in Bitcoin several months later.
The analysis presented by Wood included a chart illustrating past instances where gold”s price strength was followed by notable gains in Bitcoin. She interpreted this as a sign that the current strength of gold is indicative of early-stage risk repositioning, with Bitcoin likely to react later with enhanced volatility and returns.
Wood highlighted a critical structural difference between gold and Bitcoin: the latter”s fixed supply. While gold miners can increase production in response to rising prices, Bitcoin has a predetermined issuance schedule that is unaffected by market conditions. This inherent scarcity positions Bitcoin as a more compelling asset for those seeking protection against inflation and monetary expansion.
As of February 2026, gold”s market capitalization relative to the U.S. M2 money supply was noted to be around 150%-170%, figures reminiscent of the Great Depression era. Historically, such extremes in gold valuation have been followed by periods where other asset classes, particularly equities, have outperformed gold. This context is crucial when analyzing future returns between gold and scarcity assets like Bitcoin.
Wood also speculated that aggressive investors might consider shifting their focus from gold to Bitcoin in 2026, anticipating that Bitcoin could outperform gold due to its higher volatility and increasing institutional adoption. She emphasized that Bitcoin should not be viewed merely as a substitute for gold, but rather as a more volatile evolution of the same scarcity idea, positioned to thrive as risk appetite returns to the market.
Furthermore, ARK Invest”s analysis over the years from 2020 to 2026 has shown Bitcoin maintaining low correlations with various major asset classes, further supporting its role as a valuable diversifier within investment portfolios. Specifically, the correlation between Bitcoin and gold has stood at 0.14, with Bitcoin correlating at 0.06 with bonds and 0.28 with the S&P 500. These figures starkly contrast with traditional asset pairs like the S&P 500 and REITs, which exhibit a correlation of 0.79.
In summary, Wood argues that rather than being a negative sign, the current disconnection between gold and Bitcoin mirrors historical setups that have preceded major rallies in Bitcoin. With gold moving first, Bitcoin is likely to follow with increased momentum, making this divergence a potential signal for investors.
