Wood says in a new video update that for risky assets like Bitcoin and cryptocurrencies, the bottom is just around the corner.
Her prediction comes as the price of the leading crypto asset (Bitcoin) falls in tandem with the stock market, a phenomenon that Wood believes is only temporary.
“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 is still bullish on cryptocurrency because, like the rest of ARK’s investment picks, she thinks of it as something that can grow exponentially 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 one of several industries that have the potential for rapid growth. She anticipates a 21-fold increase in these industries over 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, approximately 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, adaptive robotics, energy storage, artificial intelligence and blockchain technology.”
