March 29, 2024

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‘Wall of worry’ led to digital wallets, blockchain tech ignored: Cathie Wood

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'Wall of worry' led to digital wallets, blockchain tech ignored: Cathie Wood

ARK Invest CEO Cathie Wood believes that digital wallets and blockchain tech were among “game-changing innovations” that the equity markets largely ignored in 2022. 

In a Jan. 12 blog post on the ARK Invest website, Wood

Wood said she has never in her “30 years working in portfolio management” experienced such unstable market conditions, saying she has never seen “markets this dislocated.”

The CEO suggested that the economy is facing a challenging situation, with a decrease in money supply, a decline in commodity prices and the “unwinding” of bloated inventories, which indicate a slowdown in inflation, and possibly even deflation.

Related: Visa dreams up plans to let you auto-pay bills from your crypto wallet

Wood noted in the report that the fear is high in investors stating that investors are holding “high levels” of cash not seen since the 9/11 crisis in 2001.

Other “game-changing” innovations that Wood believed the equity market “largely ignored” in 2022 included Artificial Intelligence (AI), electric vehicles, space exploration and 3D printing.

She believes despite uncertainty in the market, disruptive innovation technologies which “solve problems,” have historically “gained share during turbulent times.”