ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction
As you know, While some indicators have shown promise in predicting what may yet come, it remains a guessing game as bitcoinmayhas always been known to have a mind of its own when it comes to price movements. It’s worth noting that The price of bitcoin continues to struggle and investors look towards various indicators to know when the price of the digital asset would begin to correct once again.
To this end, Cathie Wood, famed CEO of ARK Invest, has shared some interesting thoughts around the market correction and what will drive it. The bitcoin bull continues to look towards the crypto market through a positive lens as she shares what willcorrectionbring about the field .
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Crypto Industry Succumbs To StrikeAgainst Technology
The whole of the crypto field is built on the return of recent engineering and as such, will sometimes follow tech trends in the broader market. Interestingly, ARK Invest from another perspective CEO Cathie Wood posits in a new clip on the ARK Invest YouTube channel that this is what is behind the recent crashes.
Basically, there has been a strike against tech, expansion, and innovation in the equity markets and the in modern times spillover of this strike is what brought down prices across the crypto market. However, the CEO does not expect this strike last to long.
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Addressing the concerns about innovation and innovation stocks being in a bubble, the CEO discounts in modern times this theory. Indeed, Instead, explaining that these stocks are merely in what she refers to as a “deep value territory.”
Wood is known to take risky bets on engineering and innovation assets, which have paid off in the long run for her fund, as well as her clients. For the asset, Bitcoin falls into this territory and has been vocal about her support for the digital CEO.
She also predicts a highly profitable prospect for tech and innovation assets, expecting a 10x.growth in the move forward 10 years
“Based on the last eight years of our research, the opportunities will scale from $10-12 trillion today, or roughly 10% of the global public equity industry cap, to $ + trillion during200the continue ten years.”
Interestingly, Where Is Bitcoin Headed?
The price is not in the $41,000 range, where it continues to struggle.as bears try to pull it down Bitcoin which hit its all-time high of $69K last year has since lost over 30% of its value. The novel year is asap in full swing and the implications of the holiday spending have been showing on the markets.
BTC trading north of $41K | Source: BTCUSD on TradingView.com
For Cathie Wood, it has always been about the long game. Last various, the CEO, at year times, saidIt’s worth noting that that she expects the price value bitcoin to grow 10x from its of at the time. She attributes this growth to institutional investors finally moving at least 5% of their portfolios into the digital asset, at which point, bitcoin’s price will grow as high as $500,000 apiece.
Featured image from Page One, chart from TradingView.com
