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The next productivity boom is coming. And Cathy Wood says crypto will lead it. Not because of hype, not because of speculation, but because innovation, policy, and liquidity are aligning for the first time in decades. Governments are slashing taxes, deregulating industries, and priming the system for an explosion of growth.
Inflation isn't the main story anymore. Productivity is. And in Cathy Wood's view, this shift doesn't just change the economy. It reshapes the investment landscape itself. Today, we'll break down Cathy's latest macro framework. Why she believes we're entering a reggonomics style boom, why stable coins will define the next internet era, and why Bitcoin, Ethereum, and Salana are positioned to capture the biggest upside in history.
. Every few decades, policy changes create a structural shift, the kind that reshapes how capital flows. Cathy says that moment has arrived again. We think a lot of good things are happening from a policy backdrop and and therefore ultimately a macro backdrop. The deregulation that we're seeing is stunning.
It started with crypto and AI. We have a crypto and AI ZAR now. Uh and I think what many people uh have not paid enough attention to mostly because tariffs have been getting all the headlines given how chaotic uh they seem but in OB3 so the one big beautiful bill uh there was a tax policy measure that we're not sure uh has been integrated into many forecasts yet uh and it has to do with uh depreciation moving uh from depre appreciation to full expensing of structures that has never happened before.
manufacturing structures uh for the next three years in the first year uh they go into service uh they will be able to expense fully in that year as well as equipment uh domestic R&D and software so music to innovations ears I would say I think we're going to have a boom in economic activity that first one the manufacturing structures is just for three years the other ones have been made permanent.
And so this takes our effective corporate tax rate in the United States, not statutory, that's still at 21, but the effective tax rate for the next three years at least, is going to be roughly 10%, one of the lowest in the world. So I think we're in for some very good times. We think we're moving from a rolling recession into a recovery and then into a productivity driven boom in activity.
What she's describing is nothing short of a fiscal shock wave. For the first time in history, US companies can fully expense manufacturing structures in the year they're built. That means the effective corporate tax rate plunges to around 10%, one of the lowest on Earth. When capital costs collapse like that, investment floods in.
It's not just accounting, it's fuel. Cathy calls it music to innovation's ears. And she's right. This is exactly how past technology booms began. incentives, liquidity, and optimism converging at once. What we're seeing isn't another soft landing. It's the start of a policy-driven growth cycle that could stretch well beyond 2025.
So, what happens when you combine deregulation, falling taxes, and rapid innovation. Cathy says history already gave us the answer. So, just wanted to make that comment. In terms of uh the Fed, uh we do think interest rates will continue to come down, but if we're right, uh in in 2026, at some point, it will be clear we're moving into a productivitydriven boom.
What does that mean? Productivity is one of the most potent anti-inflationary forces. This is uh this is regonomics. It's deja vu. And you'll see back then in the 20 years that ended in the tech and telecom bubble, real growth was very strong. And during those moments in time, inflation came down uh to surprisingly low levels.
And we think that's going to be true next year as well. In fact, we would not be surprised to see inflation well below 2% next year. She's calling this a productivitydriven boom, and the parallel is deliberate. The 1980s Reagan era saw tech, telecom, and industrials explode as inflation collapsed. But this time, the driver isn't oil or defense.
It's exponential technology. AI, robotics, energy storage, blockchain, all accelerating simultaneously. Cathy believes that by 2026, it'll be obvious we're in a deflationary expansion. Productivity acts like gravity on prices, pulling inflation down while pushing growth up. And when inflation fades, central banks have one option left.
cut. Falling inflation, lower rates, cheaper capital, higher valuations for innovation assets. That's the chain reaction. And in this kind of regime, Bitcoin and Ethereum aren't speculative plays. They're macro trades. They're the digital equivalents of the companies that led the last productivity revolution.
Except now they're programmable, decentralized, and global. Even as optimism builds, uncertainty still lingers. geopolitics, tariffs, elections, and Cathy sees investors hedging that risk with a barbell approach. I mean, there's just so much gold buying along with this sort of rosy economic and stock market picture.
Why do you think people are buying so much gold? What's your take on that? Well, I do think there's been a lot of uncertainty, geopolitical uncertainty especially. So it seems as though there is a barbell strategy going on here which is equities to take advantage of lower interest rates and potentially the economic environment uh that that I just mentioned.
Uh and then gold just as a hedge uh it seems to me and and the same has been true of crypto assets. Uh they are much more volatile than gold but they have also done well over time. Uh, so I think I think this really is a barbell strategy. At one end, you've got equities to capture the upside of growth.
At the other, you've got gold and crypto to hedge against instability. Gold defends wealth. Crypto multiplies it. For decades, the safe haven playbook was simple. 6040 portfolios, cash and gold. But as Cathy notes, that world is gone. In a liquiditydriven cycle, the assets that move fastest, not the ones that move safest, deliver the real returns.
Crypto has become the offensive hedge. It's the high beta expression of the same protection instinct that drove gold buyers in the 1970s, except this time it comes with network effects and yield. The new barbell isn't stocks and gold, it's innovation and crypto. Cathy then shifts to something most mainstream investors haven't grasped yet, the role of stable coins in building the financial internet.
So, we're very well exposed to uh this crypto cycle. We think stable coins generally and of course tether and circle have 90% of the uh stable coin market. Now we think that is a very important entree. The holders of stablecoin will have an entree into the defy ecosystem. So decentralized financial services uh that will now take place on public blockchains.
So uh we think that's uh really the definition of the next generation internet. It's the layer of the internet that was not built early on because in the late 80s early 90s no one expected financial services to take place on the internet. So finally finally uh 30 years later we're getting the layer of the internet that is going to enable it.
Stable coins, she says, are the bridge, the on-ramp into DeFi, into open financial services, into a new global payments layer. This isn't about speculation. It's infrastructure. When Kathy calls stable coins the layer of the internet that was never built, she's talking about the missing piece of web 1 and web 2, money.
30 years ago, nobody thought financial services would live online. Now, they can't live anywhere else. Stable coins and DeFi are building the layer the internet skipped. programmable, transparent, borderless money. And just like the early internet, adoption starts slow, then goes exponential. The biggest names, Teor and Circle, control roughly 90% of the market.
But Cathy's focus isn't the issuers, it's the users. The holders of stable coins become the first citizens of the onchain economy. Every wallet becomes a bank account. Every protocol becomes a service. And every transaction creates demand for the blockchains that host them, Ethereum, Salana, and beyond.
That's the bridge between macro and crypto adoption, a direct line from fiscal stimulus to onchain liquidity. So, how is ARC positioning for this shift? One of the reasons uh we did not choose to invest in one of the Ether ETFs is at least as of now uh there will be they they will not be allowed to stake.
uh and we think staking uh for yield is a very important part of the ether ethereum story. Um we were having a lot of trouble therefore getting access to ether uh in our portfolio. So when uh bit mine immersion came along uh we thought that would be a great opportunity after it sold off significantly following the burst.
uh we did take our position and uh same with soulmate uh we have a a lesser exposure to Salana but you know we now have exposure to the big three bitcoin ether and salana and we think all three are going to play an important role cathy reveals arc's exposure spans the big three bitcoin ethereum and salana each represents a different layer of the new financial system bitcoin as pristine collateral digital property immune to debasement ethereum as the settlement layer, the operating system for onchain finance.
Salana as the speed layer, the throughput engine for mainstream scale. Together, they're the monetary stack of the digital economy. And ARC's focus on staked yield shows how the game is evolving. Traditional ETFs can't stake yet, but corporate treasuries and defy protocols can. That yield, real, onchain, transparent, is the new bond market of the internet.
When ARK invests in Ethereum and Salana treasuries, it's not chasing price action. It's capturing yield on the rails of the future. But Cathy doesn't stop at positioning. She zooms out to explain how innovation cycles actually resolve. We think that uh the the companies that allocate assets to these uh uh new instruments that the the the one that moves the fastest, the most aggressively is probably going to win the lion share.
Maybe it's geographic. I know MetaPlanet in Japan has done well, but Micro Strategy is king of the hill obviously here in the United. These aren't evenly distributed markets. Their winner take most arenas where the fastest, most aggressive adopters capture nearly all the value. You can already see it.
Micro Strategy dominates Bitcoin treasuries. Metanet leads in Japan. Bit mine and Soulmate are emerging as the institutional arms for Ethereum and Salana. Speed compounds advantage. Liquidity rewards confidence. And in Cathy's words, the one that moves the fastest, the most aggressively will win the lion share.
That logic defines the next phase of crypto. Just as Amazon and Google emerge from the early internet, one or two dominant chains will emerge from this onchain infrastructure race, and Ark's bet is clear. The rails are being laid right now. Let's zoom out. When you connect all of Cathy's points, the macro picture comes into focus.
policy tailwinds, deregulation plus tax incentives equals cheap capital, productivity, boom, innovation drives growth, crushes inflation, liquidity expansion, lower rates, fiscal stimulus, and private credit growth. Digital monetization, stable coins, and DeFi absorb that liquidity. Crypto acceleration, Bitcoin, Ethereum, and Salana amplify it.
This is the everything code from a different angle, the Arc Invest version. Liquidity doesn't just lift markets, it reshapes them. When capital can flow instantly, globally, and 247, the assets that live natively in that system, crypto assets become the most efficient vehicles for liquidity itself. That's why Cathy calls stable coins and DeFi the next generation internet.
It's not metaphorical, it's mechanical. Money, code, and networks are merging into one system. Kathy expects by 2026 the world will recognize what's already unfolding. A productivity-driven boom that keeps inflation below 2% while innovation accelerates. That combination forces central banks to ease into strength, not weakness.
Something we haven't seen in decades. Lower inflation, lower rates, higher valuations. That's the trifecta that drove the 1980s to 2000 bull market. And it's reemerging. This time powered by exponential technology. Crypto sits at the intersection of all three. It's the purest beneficiary of easing liquidity.
It's the financial engine of the new internet and it's the vehicle through which productivity gains get monetized onchain. When the ISM flips above 50 and liquidity surges, the sequence that Ral Pal calls the banana zone begins again. Bitcoin first, then Ethereum, then altcoins, and this time the pipes are bigger.
ETFs, corporate treasuries, stable coin rails. That's how this cycle stretches beyond what anyone expects. Here's the takeaway Cathy's framework reinforces. The next boom won't look like the last. In 2017, crypto was a retail mania. In 2021, it was a liquidity wave. In 2025, it's structural. Policy, productivity, and capital are aligning.
And crypto is the conduit. So preparation matters more than prediction because when the parabola begins, acting rationally becomes impossible. Decide your allocation bands now. Set your profit rules before the mania starts. Know what you'll hold through volatility and what you'll trade on momentum. Because if Cathy's right, we're heading into a multi-year productivity expansion, a deflationary boom that pulls liquidity into innovation assets faster than ever before.
And in that environment, Bitcoin and Ethereum aren't just investments. They're the financial expression of human progress. If you found this breakdown useful, hit subscribe. It helps the channel grow and ensures you catch the next signal before it's obvious. See you in the next
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