Cathie Wood: Bitcoin and ethereum are 'safe places' for macroeconomic uncertainty

Ark Invest CEO Cathie Wood recently said that bitcoin and ethereum function as risk-free assets and are a "safe place" for investors facing macroeconomic uncertainty. 

The recent turmoil in the banking industry suggests that the two largest cryptocurrencies by market cap can outperform other asset classes, and Wood believes that crypto will eventually become a matter of choice as the industry gains more recognition and regulation. From our perspective, unlike traditional financial instruments, many crypto assets have no major points of failure: they are decentralized, transparent and auditable. 

In response, Ray Dalio, founder of hedge fund Bridgewater Associates, expressed the opposite opinion: Bitcoin cannot be an "efficient currency" because it is too volatile for central banks to accept it.