Ark Invest Digital Assets Research Director Lorenzo Valente said the firm still views Bitcoin on a five-year horizon and believes it remains in an early stage. He noted that stablecoin growth has shifted Ark’s view on the emerging-market Bitcoin narrative, while tokenized stocks and real-world assets are on the rise. Valente also discussed how rates, inflation, and AI affect Bitcoin’s macro outlook, and the potential for tokenized business models to export U.S. assets offshore.