THELOGICALINDIAN - The CEO of Ark Investment Management Ark Invest Cathie Wood still predicts that the amount of bitcoin will be 500K She says that all indicators are all suggesting that we are in a accedence appearance which is a absolutely abundant time to buy no amount what the asset is
Ark Sees Bitcoin Reaching $500K
Ark Invest CEO Cathie Wood has aggregate her appearance about the accepted bitcoin bazaar and her anticipation of area the amount of the cryptocurrency will acceleration to in an account with Bloomberg Wednesday.
Wood has ahead predicted that the amount of bitcoin will access to $500K. With the accepted bazaar turbulence and sell-offs beyond a ample ambit of cryptocurrencies, she was asked if she still stands by her forecast.
Referencing assignment done by her firm’s crypto analyst, Wood replied, “We do. I do,” emphasizing:
She continued: “The one affair that has afflicted here, however, is the ecology apropos about bitcoin, in particular, accept acquired bodies like Elon Musk to cull abroad and say, ‘Woah, let me accomplish abiding I accept this.'”
Musk’s electric car company, Tesla, afresh announced that it has abeyant accepting bitcoin for payments due to ecology concerns. However, Musk has accepted that Tesla has not sold its bitcoins. Furthermore, back the amount of bitcoin plummeted this week, Musk tweeted design easily emojis suggesting that Tesla will not advertise its bitcoins.
Referring to the ecology apropos some people, like Musk, have, Wood detailed: “We accept that alike this is activity to change because, aboriginal of all, appropriate now the allotment of bitcoin mined with renewables and hydroelectric ability is absolutely substantial. I anticipate in China it’s over 50% in renewables.”
She additionally referenced a cardboard Ark Invest wrote with Square Inc. arguing that “Bitcoin is key to an abundant, apple-pie activity future.” This week, Ark additionally argued that bitcoin mining could be a net positive for the environment.
When asked how low the amount of bitcoin could abatement to from its accepted level, Wood said, “You never apperceive how low is low back the bazaar gets actual emotional.” She added that “A lot of traders see bitcoin bottomward beneath the 200-day affective average, which was at $40,000. So traders, already that happened, they aloof dump. Some aloof dump and run.”
Nonetheless, the Ark Invest CEO said, “I anticipate we are in a accedence phase.” She abundant that all the indicators “are all suggesting that we are in a accedence phase, which is a absolutely abundant time to buy, no amount what the asset is. A accedence appearance is buy. It’s on sale.”
While acknowledging that some traders may abide to advertise their crypto holdings, Wood emphasized:
Do you accede with Cathie Wood about bitcoin? Let us apperceive in the comments area below.
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