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Ark Invest Chief Futurist Brett Winton said that crypto assets could see an upside as artificial intelligence advances accelerate and foster technological convergence across multiple sectors of the economy.
“Public blockchains, cryptocurrencies and crypto assets, which are going through a bumpy period now, are going to become even more differentiated for their scarcity in an age of abundance,” he said in a 2023 outlook video. “The opportunity for expansion and for value realization within the venture and public market space is even larger than it was two years ago.”
Ark founder and CEO Cathie Wood said that many of the coming technological advancements will be deflationary, albeit of the good kind.
“It will feed the lower inflation outlook and cause a boom in the products and services that are associated with this innovation,” she said. “Inflation has been a short term deterrent to the performance of innovation-based strategies.”
Wood said the firm’s position on the Federal Reserve’s policy was the most important part of its 2023 outlook.
“We believe there are all kinds of signals pointing to lower inflation, which suggests that the Fed should pivot soon,” she said, adding that it could occur in the first half of the year.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
