Benzinga - Cathie Wood, CEO of Ark Investment Management, said that cryptocurrency assets will see a significant turnaround this year.
What Happened: Wood explained that inflation rates are falling and the Federal Reserve has recognized this trend, which “suggests that the Fed should pivot soon.”
She said in a video posted that inflation will eventually come down to the 2% target level set by the Federal Reserve and predicted that inflation could fall below and even enter into negative territory due to the ongoing contraction in the money supply.
See More: Best Crypto Day Trading Strategies
According to Wood, the market is “waiting for a signal from the Federal Reserve”, adding that “we think that will come in the first half of 2023.”
Wood noted that technological innovations such as cryptocurrency and blockchain technologies are deflationary, which will in turn, "cause a boom in the products and services associated with this innovation."
Earlier last month, Wood-led ARK Investment Management bought 23,509 shares of Coinbase Global Inc (NASDAQ: COIN) at an estimated valuation of over $800,000. The purchase was done via the ARK Fintech Innovation ETF ARKF (ARCA: ARKF).
Wood also reiterated her belief that Bitcoin (CRYPTO: BTC) would reach $1 million by 2030.
Price Action: BTC was trading at $23,083 up 1.45%, in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin Hovers Near $23k, Ethereum, Dogecoin Fall Amid Gemini Job Cuts Report: Analyst Says 'A Lot Could Still Go Wrong'
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.