Cathie Wood, founder of ARK Invest says that the crypto bear market and bottom for risk-on assets like Bitcoin and cryptocurrencies is likely near. The prediction comes at a crucial time for Bitcoin with the BTC price falling to $31,000 and over 20% in the last week.
In a new interview Wood says that the increasing correlation between the crypto market and traditional assets (like the stock markets) indicates that the bear market will soon come to an end. Her prediction comes as the price of the leading cryptocurrency asset (Bitcoin or BTC) currently is falling in tandem with the stock market, Wood says this is a temporary phenomenon.
“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.”
Wood states that blockchain technology is a sector that offers the opportunity for exponential growth. She believes the crypto sector will grow by 21x by 2030 from a $10 trillion asset class to over $210 trillion. She stated “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.”
Wood has recently made some other bullish cryptocurrency related predictions including the price of Ethereum (ETH) reaching $160,000 price by 2030. She also stated she believes Bitcoin will reach a price of $1 million by the same time frame.