Cathie Wood Says Gold Is the Bubble as Bitcoin Slips Below $80,000

Overview

• Gold hit a record $5,594.82 per ounce on January 30 before dropping nearly 9% within 24 hours.
• ARK’s analysis puts gold’s market cap at about 170% of U.S. M2 money supply, a level last seen in 1934 and slightly above the 1980 peak that preceded a roughly 60% decline.
• Bitcoin fell to roughly $77,700–$78,150 on January 31, leaving it more than 35% below its October 6, 2025 all-time high.
• ARK highlights a low Bitcoin–gold price correlation of about 0.14 since early 2020, underscoring their distinct roles in portfolios.
• Despite recent volatility and a lack of capital rotation from precious metals into crypto, ARK reiterates its roughly $1.2 million Bitcoin price target for 2030.