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Thursday, June 30, 2022

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

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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.

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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.

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