ARK Invest founder Cathie Wood says that the increasing correlation between crypto and traditional assets indicates that the bear market will soon be over.
In a new video update, Wood says that the bottom for risk-on assets like Bitcoin and cryptocurrencies is likely near.
Her prediction comes as the price of leading crypto asset (Bitcoin) moves down in tandem with the stock market, which Wood says is a temporary phenomenon.
“Crypto, a new asset class, should not look like the Nasdaq, but it does. It’s highly correlated right now. You know you’re in a bear market and maybe close to the end when everything starts acting alike, and we’re seeing the capitulation of one market after the other.”
Despite the current downturn, Wood says she remains long-term confident in crypto because, like the rest of ARK’s investment picks, she sees it as something that will exponentially grow as it disrupts markets and societies.
“Given the dreariness in the equity markets and the bond markets today and now increasingly commodities markets and crypto, take a look at our research, read our Twitter profiles for some hope and optimism because I can’t tell you how excited and confident we are that our platforms are going to transform the world and are entering exponential growth trajectories now. This is not about five years from now. We are now living the reality that was only a dream in the tech and telecom bubble.”
According to Wood, blockchain is among a group of sectors that offer opportunities for exponential growth. She sees these sectors collectively exploding 21x over the next seven to eight years.
“I’ve been around in the business for 45 years, and I’ve never seen the opportunities I see now. According to our expectations, truly disruptive innovation, which right now is valued in the global public equity markets at roughly $10 trillion, roughly 10% of the global equity market cap.
We believe that $10 trillion is going to scale to $210 trillion by the year 2030… thanks to genomic sequencing, robotics, adoptive robotics, energy storage, artificial intelligence and blockchain technology.”
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Source: https://dailyhodl.com/2022/05/09/ark-invests-cathie-wood-says-crypto-nearing-end-of-bear-market-predicts-explosion-in-blockchain-technology/