“What doesn’t kill you only makes you stronger!” Cathie Wood believes that Bitcoin and Ethereum will emerge stronger when this bear market ends. The market crisis right now is not enough to kill them. Cathie has recently sent a letter titled “What The Market Overlooked in 2022” to her clients, sharing her viewpoints on the crypto industry and what we have ignored in this bear market.
Cathie believes Bitcoin and Ethereum are getting tougher.
If we think about it, then the crypto markets in 2022 were nothing less than a rollercoaster. We have seen so many major events happening that it would be wrong to blame the crypto markets for the negative sentiment. First, the collapse of the Luna and UST tokens happened. This resulted in billions of dollars in user assets turning to pennies. It also led to the collapse of multiple lending platforms such as Voyager Digital, Celsius Networks and more.
However, that’s not all, as we recently saw the largest scam in the history of the US. Yes, I am talking about the collapse of the crypto exchange FTX, which was one of the biggest nightmares of the crypto industry. Sam Bankman-Fried, the founder of the platform, is now being charged with 8 counts of criminal charges.
Despite all this, Bitcoin and Ethereum are being used continuously for transactions, and their user base continues to grow. The fraud and mismanagement of a centralized platform don’t in any way indicate that Bitcoin and Ethereum are incapable. She is so positive about the industry that her firm has purchased more Coinbase shares worth around $3.28 million. This brings her total holdings to 8.569 million shares.
Cathie Wood’s predictions
In her letter, she predicted that digital wallets are going to be the next big thing and will replace cash and even credit cards. Currently, the digital wallet market is estimated to be worth around $8.4 billion. However, by 2030 it is expected to increase by almost 6 times to $48.2 billion. And this is likely as users start to understand the importance of self-custody in crypto as more and more platforms go bankrupt stealing their tokens.
What are your thoughts as Cathie Wood believes that Bitcoin and Ethereum will emerge stronger from this bear market? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
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