ARK Invest founder Cathie Wood says the increasing correlation between crypto and traditional assets suggests that the bear market will be over soon.
In a new video update, Wood says the bottom for risky assets like Bitcoin and cryptocurrencies is probably close.
Their prediction comes as the price of the leading crypto asset (Bitcoin) falls along with the stock market, which Wood says is a temporary phenomenon.
“Crypto, a new asset class, shouldn’t look like Nasdaq, but it does. It’s highly correlated at the moment. You know you are in a bear market and maybe nearing the end when everything starts acting the same and we see market after market capitulating.”
Despite the current downturn, Wood says she remains confident in crypto over the long term because, like ARK’s other investment picks, she sees it as something that will grow exponentially as it disrupts markets and societies.
“With the desolation in the stock and bond markets today and now increasing in the commodities and crypto markets, take a look at our research, read our Twitter profiles for some hope and optimism as I can’t tell you how excited and we are confident that our platforms will change the world and are now entering exponential growth paths. That’s not in five years. We are now living the reality that was just a dream in the tech and telecom bubble.”
Heard according to Wood Blockchain a group of sectors that offer opportunities for exponential growth. She sees these sectors exploding by a combined 21x over the next seven to eight years.
“I’ve been in business for 45 years and I’ve never seen the opportunities I see now. We expect these to be truly disruptive innovations, currently valued at around $10 trillion in global public equity markets, which is roughly 10% of global equity market capitalization.
We believe $10 trillion will grow to $210 trillion by 2030…thanks to genome sequencing, robotics, adoptive robotics, energy storage, artificial intelligence, and blockchain technology.”
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Source: Crypto News Deutsch