Many market leaders such as Tesla CEO Elon Musk and Ark Invest CEO Cathie Wood slammed the U.S. Federal Reserve for continuous rate hikes impairing market conditions and risking recession. A slowdown in rate hikes by the U.S. Fed this year has sparked bullish sentiment in the global markets.
Cathie Wood on Saturday said growth stocks and innovation-based strategies will recover the lost gains as the “brutal interest rate increase” by the U.S. Federal Reserve comes near to an end.
Ark Invest is heavily buying Coinbase (COIN) and Tesla (TSLA) shares from low as part of its active equity management strategy. On February 14, Ark Invest purchased a total of 14,636 Coinbase (COIN) stocks as the stock price dipped below $58. Cathie Wood predicts Tesla stock to hit $1500 in the next five years, marking a 675% increase.
Furthermore, she noted that many Wall Street investors including Charlie Munger lack an understanding of lower costs associated with technologically-enabled innovation. The statement came after Charlie Munger said he prefers investing in Warren Buffett-backed BYD over Tesla.
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Ark Invest makes most of its investment in technology stocks. Ark Invest believes that Artificial Intelligence (AI) is creating the assembly line for knowledge workers. Cathie Wood tweeted:
Ark Invest thinks AI will boost knowledge workers’ productivity by more than 4-fold by 2030. At 100% adoption, AI could increase global labor productivity by almost $200 trillion, dwarfing the $32 trillion in total knowledge worker salaries.
Cathie Wood’s Bullish on Bitcoin
Cathie Wood reiterated her bullish stance on Bitcoin, predicting that the BTC price will hit $1 million by 2030. She also believes Bitcoin can help countries troubled by inflation, similar to an insurance policy.
Considering Cathie Wood’s earlier prediction in AI and rebound in Tesla and Coinbase shares, Bitcoin price hitting $1 million by 2030 may come true. However, BTC price at $100K is most likely to happen by 2023-end or early 2024.
