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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction

Best Owie
Best Owie
1 year ago
3 mins read
ARK Invest CEO Cathie Wood

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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. While some indicators have shown promise in predicting what may yet come, it remains a guessing game as bitcoin has always been known to have a mind of its own when it comes to price movements.

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 will bring about the market correction.

Related Reading | Bitcoin Discount? Peter Brandt On Why You Shouldn’t Buy The Dip

Crypto Market Succumbs To Strike Against Technology

The whole of the crypto market is built on the back of new technology and as such, will sometimes follow technology trends in the broader market. ARK Invest CEO Cathie Wood posits in a new video on the ARK Invest YouTube channel that this is what is behind the recent crashes.

Basically, there has been a strike against technology, growth, and innovation in the equity markets and the spillover of this strike is what brought down prices across the crypto market. However, the CEO does not expect this strike to last long.

Related Reading | Galaxy Digital CEO Mike Novogratz Says Bitcoin Has Hit The Bottom

Addressing the concerns about technology and innovation stocks being in a bubble, the CEO discounts this theory. 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 technology and innovation assets, which have paid off in the long run for her fund, as well as her clients. For the CEO, Bitcoin falls into this territory and has been vocal about her support for the digital asset.

She also predicts a highly profitable future for tech and innovation assets, expecting a 10x growth in the next 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 market cap, to $200+ trillion during the next ten years.”

Where Is Bitcoin Headed?

The new year is now in full swing and the implications of the holiday spending have been showing on the markets. Bitcoin which hit its all-time high of $69K last year has since lost over 30% of its value. The price is not in the $41,000 range, where it continues to struggle as bears try to pull it down.

Bitcoin price chart from TradingView.com

BTC trading north of $41K | Source: BTCUSD on TradingView.com

For Cathie Wood, it has always been about the long game. Last year, the CEO, at various times, said that she expects the price of bitcoin to grow 10x from its value 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
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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