ARK Invest CEO Cathie Wood Optimistic About Market Surprises
ARK Invest CEO Cathie Wood has expressed optimism about the financial markets, suggesting that they are poised for positive surprises amidst a shifting macro landscape. In a recent video update on YouTube, Wood noted that markets are moving away from concerns surrounding interest rates, concentration of capital, and high valuations.
Wood stated, “We’re really excited about how the market is beginning to shake off three headwinds: interest rates, narrowness of the market and valuation. And we think that we’re being set up here for some important surprises to the upside. As many strategists and economists worry that we’re heading into a recession, we’ll be talking more and more about the productivity-driven recovery that will spell the end of the rolling recession. We’ll know a lot more by this time next month.”
Bitcoin Ready to Resume Uptrend Against Gold
Wood also highlighted Bitcoin’s performance, sharing a chart of BTC priced in gold that indicates a significant uptrend over the past decade. Despite a correction during gold’s recent rally to new highs, Wood believes that Bitcoin is poised to continue its uptrend against gold.
She explained, “Gold going parabolic did take this ratio down, but you’ll notice that it did not break the uptrend that is in place and that we think will remain in place. Bitcoin did act more as a risk-on asset in the market’s recent correction. It behaved like the Nasdaq, unlike gold, but we believe it was just correcting to this trend line because the Bitcoin price went up so much more than the gold price last year.”
As of the latest update, Bitcoin is trading at $94,661.
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