Cathie Wood sees bitcoin joining stocks and bonds as part of the classic balanced portfolio

Bitcoin and other cryptocurrencies could eventually become part of the recommended portfolio for everyday investors, Ark Invest's Cathie Wood said Monday.Wood, whose star as an investor rose dramatically last year thanks to the strong performance of her flagship Ark Innovation ETF, said on CNBC's "Closing Bell" that she believes volatile cryptocurrencies will eventually resemble bonds."We think as it becomes a better accepted new asset class ... We do think it will behave, actually, I would say more like the fixed income markets, believe it or not," Wood said.Bitcoin has had a dramatic run to new highs after trading under $10,000 per coin as recently as September. The asset rose to nearly $58,000 on Feb. 21, according to Coin Metrics, before cooling off slightly. It was trading at about $51,700 on Monday.Though often called "digital gold," bitcoin does not trade in tandem with precious metals and its high level of volatility…

Read the original article here