Ark Invest’s Cathie Wood Calls Bitcoin a ‘New Bretton Woods’ Amid Global Currency Uncertainty

Cathie Wood highlighted the Federal Reserve Bank of Atlanta’s GDP indicator, which projects a 3% annualized decline in real GDP growth for Q1 2025. She characterized this as the “last phase” of a rolling recession triggered by aggressive Fed rate hikes since 2022. Despite near-term volatility, Wood anticipates productivity gains—fueled by artificial intelligence (AI), automation, and other technologies—will accelerate real GDP growth while curbing inflation.

Wood stated:

We see productivity driving real GDP growth at an accelerated rate in an exciting way and at the same time inflation continuing to come down because productivity is going up… productivity is a powerful antidote to inflation.

The Trump administration’s proposed $4.5 trillion tax cut, retroactive to January 2025, drew attention as a potential catalyst. Wood compared phased tax implementations under Reagan to current strategies, warning delayed cuts risk deferred economic activity. The plan, paired with tariffs she termed “tax increases,” aims to offset fiscal impacts through deregulation and spending shifts to states. Notably, federal employment fell significantly in February, with Wood predicting further reductions as departments relocate or dissolve.

Deregulation under the new administration has already spurred crypto and digital asset innovation, Wood said, reversing prior “hostile” SEC policies. Mergers and acquisitions, particularly in healthcare facing a $300 billion patent cliff through 2030, are expected to surge. Meanwhile, layoffs tracked by the Challenger survey tripled year-over-year to 172,000 in February, nearing levels seen during the 2008 financial crisis.

Small businesses, which account for 44% of U.S. employment, remain disproportionately strained but could rebound via tax cuts and deregulation. Monetary policy dynamics, including a 3.9% annual money supply growth and declining velocity, signal subdued nominal GDP expansion. Wood forecasts inflation will fall toward 2% as oil prices drop and productivity climbs.

She likened current conditions to the 1990s Clinton-Gingrich era, when fiscal discipline spurred surpluses. Wood emphasized AI’s disruptive potential, citing platforms like ChatGPT and Grok as leaders in a rapidly evolving sector. Open-source AI models, including Deepseek and Meta’s Llama, could reshape market dynamics. She projected a “productivity-led boom” mirroring historical tech leaps, with real GDP growth potentially reaching 7.3%, up from 3% in recent years.

“We expect… inflation will fall toward 2% as oil prices drop and productivity climbs… inflation maybe even turns negative thanks to these new technologies,” Wood said.

Despite near-term consumer caution—evidenced by Walmart’s tempered sales forecasts and housing market stagnation—Wood expects declining mortgage rates and a broadening equity market to fuel recovery. ARK Invest’s research suggests truly disruptive innovation stocks, undervalued in recent years, may outperform as animal spirits reignite.

Wood’s commentary also underscores a pivotal regulatory shift reshaping the crypto landscape in the U.S. With former SEC Chair Gary Gensler’s departure, she notes a marked reversal in the sector’s fortunes:

“We’re hearing stories of people being attracted back to our shores having moved abroad, not even wanting to deal with U.S. investors for fear the SEC might come after them,” she remarked.

This regulatory thaw, paired with the Trump administration’s pro-innovation stance, has reignited domestic crypto development, positioning the U.S. to reclaim its role as a hub for digital asset innovation after years of uncertainty. Wood further elevates bitcoin’s significance in her macroeconomic vision, framing it as a foundational challenger to traditional monetary systems, stating:

Bitcoin provides the equivalent of a rules-based monetary system, like Bretton Woods did, challenging fiat currencies every step of the way.

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