ARK Investment Management head Cathie Wood is making a bold prediction about the future of finance and technology.
Wood tells her 1.5 million Twitter followers that once the Federal Reserve pivots, a surging economy reminiscent of the “Roaring Twenties” is likely to follow.
She says once the economy starts surging, blockchain technology, along with four other tech innovations, will come out ahead.
“Today, five major innovation platforms are evolving at the same time – multiomics sequencing, robotics, energy storage, artificial intelligence, and blockchain technology, all of which are converging! Tesla is leading the ‘charge’ in three, but I wouldn’t be surprised to see four–five.
Once the Fed stops looking backward at CPI inflation and starts addressing the deflationary banking crisis that a 19-fold increase in short rates and an inverted yield have caused, we would not be surprised to see a return to the Roaring Twenties.”
The Bitcoin bull also says the US bank collapse showed the benefits of cryptocurrencies. She says crypto remained stable and networks performed reliably during the banking failures.
“While the US banking system was seizing up in response to bank runs threatening regional banks, Bitcoin, Ethereum, and other crypto networks didn’t skip a beat. Instability in the banking system threatened stablecoins, the on-ramps to DeFi [decentralized finance], in stark contrast to regulator rhetoric.”
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