The comeback story that growth investors have been waiting for appears to be unfolding in real time. After weathering a brutal stretch that saw her flagship ARK Innovation ETF (ARKK) lose nearly 80% of its value from its 2021 peak to its trough in October 2023, Cathie Wood is proving that she has learned from her mistakes. ARKK is up 66% in the past year, and investors are starting to regain confidence in Wood again.
What makes this resurgence particularly noteworthy is how Wood's long-held crypto convictions are now being validated by the very institutions that once spoke ill of crypto, like J.P. Morgan (JPM), for example. Tens of billions have poured into the crypto market from multiple ETFs, and this is a complete reversal from the skepticism that dominated boardrooms just two years ago. Wood now believes Bitcoin (BTCUSD) will hit $2.4 million by 2030.
