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Ark Investment Management CEO Cathie Wood said on Thursday that the equity markets have been oblivious to the revolutionary developments of 2022, such as blockchain, digital wallets, and OpenAI’s ChatGPT.
“Plagued by fears of entrenched inflation and higher interest rates, the wall of worry in the equity markets has scaled to enormous heights, historically a positive backdrop for equities,” she said in a commentary published Thursday.
What Happened: “In my 45 years on Wall Street and more than 30 years in portfolio management, I have never seen markets this dislocated,” Wood wrote, highlighting declining money supply and commodity prices that could point to lower inflation and even deflation. “Fear of the future is palpable, but crisis can create opportunities.”
See More: Best Crypto Day Trading Strategies
Wood, whose firm has piled into Coinbase COIN shares for two days straight, pointed out that the amount of Bitcoin BTC/USD and Ethereum ETH/USD transactions have not fallen in any way, even after the collapse of the FTX cryptocurrency platform.
Touching on the increasing usage of digital wallets, Wood noted that they have surpassed cash as the predominant payment method for physical (offline) stores.
“Disruption can surface in surprising forms and at unexpected times,” she added. “Innovation solves problems and has historically gained share during turbulent times.”
Price Action: BTC was trading at $18,822 up 3.16%, in the last 24 hours, according to Benzinga Pro.
(Illustration: Gonzalo Lanzilotta on Benzinga)
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Image and article originally from www.benzinga.com. Read the original article here.