Cathie Wood of ARK Invest believes cryptocurrency is nearing the end of its bear market and predicts blockchain boom

Cathie Wood of ARK Invest believes cryptocurrency is nearing the end of its bear market and predicts blockchain boom

The increasing link between crypto and traditional assets, according to ARK Invest CEO Cathie Wood, signals that the bear market will soon be ended.

Her prediction comes as the price of the leading crypto asset (Bitcoin) falls in lockstep with the stock market, a pattern Wood claims is just transitory.

In a recent video update, Wood claims that risky assets like Bitcoin and cryptocurrencies are nearing their bottom.

“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.”

“Given the gloom in today’s equity and bond markets, as well as commodities and crypto markets, take a look at our research and 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 now entering exponential growth trajectories.” This isn’t going to happen in five years. In the IT and telecom bubble, reality was merely a pipe dream.”

Despite the present drop, Wood says she is still bullish about crypto in the long run because, like the rest of ARK’s investment decisions, she sees it as a disruptive force that will grow exponentially when markets and societies are disrupted.

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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