Cathie Wood

Go ahead.

No, no.

Yes.

First thing you should know, Bitcoin and gold are not correlated.

We did the analysis.

If you go over this cycle from 2020 to today,

The correlation, so one would be a perfect correlation.

Minus one would be an inversion.

When one goes up, the other one goes down.

It's as close to zero as you can get.

So no correlation.

That's really important for everyone to know.

If you look at the last two cycles, gold led Bitcoin.

And then the third thing I will say is, you'll find this on X, Kathy D. Wood, a chart showing gold divided by M2.

It has never been higher.

It hit an all-time high this week.

Now it's starting to correct.

I don't think it's because we put this chart out, but I will say what I said in there is gold is probably riding for a fall because the last two times it was anywhere near this was in the massive inflation, so double-digit inflation in the 70s, early 80s.

And before that, the Great Depression was

When gold, well, the dollar was devalued in gold terms from 20.67 to 35, that's a 70% devaluation.