77.1 F
New York
Wednesday, June 16, 2021

ARK Invest CEO Cathie Wood Believes Bitcoin Can Still Reach $500,000

Must read

VEON [NASDAQ: VEON] Announces Acquisition of AdTech in Russia

VEON Ltd disclosed that it has purchased a majority stake in OTM which is a technology platform for the automation and planning of...

MicroStrategy Decides to Sell $1B Stock With Plans To Buy More Bitcoin With Profit

Shares of MicroStrategy Incorporated skyrocketed 5.36% on Wednesday after the firm disclosed that it has decided to dump $1 billion worth of its...

Thailand SEC Forbids Crypto Exchanges from Listing Meme Tokens, NFTs, and More

Thailand SEC has made a new decision that forbids crypto exchanges to list meme tokens, NFTs, and many more. The decision to ban certain...

China’s Cryptocurrency Mining Crackdown Appears to be Widening

The cryptocurrency mining crackdown of China is continuously increasing. It has been seen that government departments in the province of Yunnan are gearing up...

CEO of ARK Invest, Cathie Wood, disclosed that in her point of view Bitcoin still has the capability to reach $500,000. Her views about Bitcoin remain unchanged though Bitcoin has seen a huge decline in Price. Bitcoin has also experienced a massive crash. Wood pointed out that her firm’s performance indicators imply that the previous day’s price action was a retreat event.

She also contended that fears about the effects on the environment of Bitcoin will eventually diminish. In her point of view, Bitcoin could actually act as a stimulus for constructing renewable energy infrastructure. She disclosed that a considerable portion of Bitcoin mining is backed by hydropower and renewables.

Furthermore, she believed that Bitcoin mining could offer a solution for the issues that came into limelight because of the sporadic nature of renewable energy sources. The issues include weather conditions that can cause big variations in the amount of energy that is manufactured. Wood argued that Bitcoin mining might act as an outlet for the excess energy generated by renewable sources, making them more cost-efficient.

In addition to this, she argued that the decline in the price yesterday is actually an opportunity for buying. Bitcoin fell below $40,000 for the first time in February. It follows a short strengthening below this level, the market took a tumble. On some exchanges, the price of BTC dropped all the way to the bottom to about $30,000.

More articles

Latest article

Accenture [NYSE: ACN] and Salesforce to Aid ISDI to Reduce its Environmental Impact

Accenture plc and Salesforce have partnered with ISDI to provide aid to the Salesforce-authorized global coaching organization. The firms will evaluate their carbon...

Iconix Brand [NASDAQ: ICON] to be Acquired by Iconix Acquisition Corp

Iconix Brand Group, Inc. disclosed that it has inked an agreement and plan of merger with Iconix Acquisition Corp. Iconix Brand Group is...

Binance Cryptocurrency Exchange to Launch a New NFT Platform

The Binance cryptocurrency exchange will be introducing a new on-chain NFT platform called "Featured by Binance". Cryptocurrency exchange Binance is joining the race of...

El Salvador Passes Bill to Accept Bitcoin as Legal Tender

EI Salvador has become the first country in Central America to pass the bill to accept Bitcoin as legal tender. It has been disclosed...

Gaming Platform Xaya Teams Up with Popular Ethereum Scaling Solution Polygon

Blockchain Gaming platform Xaya has joined hands with popular Ethereum scaling solution Polygon. Xaya has partnered with Polygon to improve the scalability of its...

Why CynergisTek [CTEK] is Skyrocketing Today?

CynergisTek, Inc. skyrocketed 24.73% during the trading session of Wednesday. The positive performance of the firm indicated the positive sentiments of the investors...

GOL Linhas [NYSE: GOL] Announces Acquisition of MAP Transportes Aéreos

Gol Linhas Aereas Inteligentes S.A. disclosed that it has inked an agreement to buy MAP Transportes Aéreos Ltda. The firm's buying decision highlights...

Chinese Twitter ‘Weibo’ Start Crack Down on Multiple Crypto Influencer Accounts

Chinese social media platform Weibo has started a crackdown against the multiple crypto influencer accounts. It has been disclosed that at least dozens of...