An interesting discussion has unfolded around how to rethink the portfolio in the context of modern macroeconomics. Kathy Wood from ARK Invest recently expressed the view that gold has reached a historical peak relative to the money supply M2— even higher than levels during the Great Depression and the inflation shock of the 1970s.

But here’s what’s important: the current environment is completely different. Liquidity is higher, the economy is more stable, and monetary expansion continues. Against this backdrop, Wood believes that gold is already overvalued— a classic 'irrational exuberance' that will eventually end with a correction.

From an investment perspective, this opens an intriguing opportunity. Wood suggests that Bitcoin is still in its early stages of development, unlike gold, which has already peaked. If she were an aggressive investor, she would consider shifting funds from gold directly into Bitcoin right now.

This is not just a passing opinion—Wood supports this stance with her forecasts. She continues to stand by her target Bitcoin price of $1.5 million by 2030. At the current price of around $69,500, this means that investing in this asset still has enormous potential, in her view.

Fundamentally, it’s about re-evaluating where investments should flow in a world of excess liquidity. Gold has already taken its fair share, and Bitcoin is still waiting for recognition. That’s the conclusion drawn from this analysis.