The CEO of ARK Invest stated that the company’s current strategy is based on the explosive growth of bitcoin in the near future and on the growth of the cryptocurrency market in the next seven to eight years.
Cathie Wood on In the Know Podcast statedthat the growing correlation between cryptocurrencies and traditional assets indicates that the bearish trend will end soon. Wood opined that the depreciation of bitcoin along with the traditional market is a temporary phenomenon:
“Cryptocurrency is a new asset class that shouldn’t follow the Nasdaq, but that’s exactly what is happening. We are currently in a bearish trend where all assets are moving in the same way and we are seeing one market after another capitulate, but cryptocurrencies may be close to completing it.”
Despite the current drop in cryptocurrencies, Wood claims that she remains confident in the long-term outlook for digital assets and builds ARK Invest’s investment decisions on this forecast. The businessman believes that the cryptocurrency market will grow exponentially as traditional assets are destroyed:
“The current recession in the stock and bond markets, commodities and cryptocurrency markets is causing negative sentiment among investors. But take a look at our research, read our Twitter: we are excited, filled with hope and optimism. I can’t even tell you how confident we are that our products will change the world and are already on an exponential growth trajectory.”
According to Wood, blockchain is part of a group of technologies that offer opportunities for exponential growth. She sees these sectors of the economy collectively growing more than 20 times over the next seven to eight years:
“I have been in this business for 45 years and have never seen the opportunity that I see now. According to our expectations, these are truly breakthrough innovations, which are now valued on the global public equity markets at about $10 trillion, which is approximately 10% of the capitalization of the global equity market. We believe that $10 trillion will grow to $210 trillion by 2030.”
She urged investors to pay attention to innovative technologies such as robotics, energy conservation, artificial intelligence and blockchain.
At the same time, the head of the Bitcoin Foundation, Brock Pierce, claims that he is observing a situation in the cryptocurrency market similar to the “dot-com crisis” at the turn of zero and therefore
diversifies its portfolio into EOS and NFTs.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
