ARK Invest CEO Cathie Wood says that financial markets are likely setting up for surprises to the upside amid a shift in the macro landscape.
In a new video update to YouTube, Wood says markets are in the process of shifting away from fears about interest rates, concentration of capital, and high valuations.
“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.”
Looking at Bitcoin, Wood shares a chart of BTC priced in gold that appears to show a major uptrend over the last decade.
According to the investor, Bitcoin is ready to resume its uptrend versus gold after a correction during the precious metal’s recent rally to new highs.
“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.”
At time of writing, Bitcoin is trading for $94,661.
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