Cathie Wood sees 'wall of worry' ignoring blockchain tech, digital wallets and ChatGPT

Quick Take

  • Ark Invest founder and CEO Cathie Wood said equity markets plagued by a “wall of worry” have “largely ignored” game-changing innovation last year including blockchain technology and digital wallets.
  • Wood, whose funds have now bought Coinbase shares for two days in a row, said that Bitcoin and Ethereum have not “skipped a beat” in processing transactions.

Ark Invest founder and CEO Cathie Wood said equity markets plagued by a "wall of worry" have "largely ignored" game-changing innovation last year that included blockchain technology and digital wallets, in addition to the ChatGPT bot developed by OpenAI that has taken the world by storm. 

"I have never seen markets this dislocated," she wrote in a letter published Thursday, highlighting declining money supply and commodity prices that could point to lower inflation and even deflation. "Fear of the future is palpable, but crisis can create opportunities."

Wood, whose funds have now bought Coinbase shares for two days in a row, said that Bitcoin and Ethereum have not "skipped a beat" in processing transactions, despite the recent collapse of the FTX crypto exchange.

She also noted growth in the use of digital wallets and said they've overtaken cash as the top transaction method for offline commerce.

"Disruption can surface in surprising forms and at unexpected times," she wrote. "Innovation solves problems and has historically gained share during turbulent times."


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About Author

Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.

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