Ark Investment CEO Catherine Wood expects Bitcoin to rise to $ 500,000 despite the latest price swings this week.
Catherine Wood has once again expressed her opinion about bitcoin. In an interview with Bloomberg TV, the founder of Ark Investment Management said that bitcoin is now “sold out”, and even during yesterday’s fall, the cryptocurrency may not have reached a minimum yet.
She describes the current market as emotional and says the bottom is difficult to predict. Meanwhile, Bitcoin has almost completely won back yesterday’s losses.
During the interview, Wood expressed her opinion on Tesla CEO Elon Musk’s comments on the environmental issues posed by bitcoin miners. The use of solar energy in the mining industry is about to skyrocket, she said.
In a research collaboration with $SQ, @yassineARK, @wintonARK, and @skorusARK debunk the myth that #Bitcoin mining is damaging the environment. Instead, as crypto mining, energy storage, and AI technologies converge, the adoption of renewable energy is likely to accelerate! https://t.co/EmMy1jXGlL— Cathie Wood (@CathieDWood) April 22, 2021
Wood also noted that prospects for Bitcoin ETF approvals in the US this year have been boosted by the recent fall in prices.
“Now that we’ve gone through this correction, the odds are better,” she said.
Last month, Catherine Wood said that Bitcoin could become the new gold standard as it can increase purchasing power. She also believes that bitcoin will continue to grow and the first trillion in cryptocurrency capitalization is just the first step.
Earlier, Catherine Wood also warned BTC holders in the United States against converting crypto assets into fiat currency pending tax changes.