ARK Invest CEO Cathie Wood said on Yahoo Finance that the cryptocurrency markets are far from the end of the rally. She believes that the crypto market has a positive outlook and Bitcoin surpasses gold in terms of digital savings.
Cryptocurrencies are one of the areas that ARK Invest sees as a breakthrough at the moment. In the words of Cathie Wood, despite the recent rally, there is no price bubble in the market. In her opinion, cryptocurrencies have become a generational phenomenon, which is rising with the development of technology, and this may last until 2038 when the generation of millennials reaches its peak.
Wood expressed the opinion that the average investor does not understand how good the next five to fifteen years will be. S-shaped curves feed each other and go out on a trajectory of exponential growth, which financial markets have not seen before, said Wood.
The head of ARK also commented on the recent announcements of the billionaire investor John Polson, who has talked about Bitcoin and cryptocurrencies. Deeply respecting the man for all his achievements, Wood said she disagreed with his views on cryptocurrencies. She explained that Polson has been a "gold bug" for most of his career, and those people who have been focusing on gold for so long simply cannot understand the digital concept associated with gold.
Wood excludes that at some point in the future, cryptocurrency will fall to zero. At the same time, she assumes that for the maturity of the sector, regulation is necessary, which will turn out to be positive for Bitcoin in the most favorable way. The head of ARK said her company thinks Bitcoin is much more than storage or digital gold. In their opinion, this is a new global monetary system, which is fully decentralized and does not obey the whims of politicians.
According to Wood, BTC is now starting a short-term rally, trading at the level of $51,600 ($50,855 as of this writing), having gained 7% over the past seven days. This situation stimulates the entry of new people into the crypto space, which is the reason for the appearance of various individual investment platforms.
© 2021, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.
