Cathie Wood

So we've been, I would say, from a compliance point of view, very careful about

And then, you know, our market makers are also trying to figure out what to do with this.

How do they price in real time when at any minute something crazy could happen coming from one of these private companies?

So there are some ecosystem challenges here.

A couple of thoughts.

I've been writing a lot about it recently.

I think if you look over time, if you look for the last five years and you do a correlation between gold and Bitcoin,

you'll find very little correlation at all.

What you will see if you look back a little further, the last two major cycles for Bitcoin were preceded by the gold price increasing first.

Now, I think what's going on, this so-called debasement trade, if I can just back up a little bit, I think is misplaced.

And especially when we think about the dollar, if you put the dollar into perspective, you will see that over the years and in recent years, it's changed.

toward the higher end of its range against other currencies.

And we think that the combination of deregulation here in the United States, big tax changes, especially for corporations, and very business and capital friendly policies here in the United States, we think because of those, the returns on invested capital in the United States are going to go up relative to those elsewhere in the world.

And this, we think, is because

Trumponomics, if you want to call it that, is like Reaganomics on steroids.

If you look at what happened to the dollar under Reagan, it doubled.

It nearly doubled.

So much so, and so quickly, that we ended up in the Plaza and Louvre Accords to try and get it down.

Oh, my goodness.

I can't imagine that day.