Crypto News
| Published On May 20, 2021 7:40 am CEST  |  Updated on Aug 3, 2021 5:42 pm CEST | By Peter Siu

Bitcoin will still go to $500,000, Ark Investment CEO says

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Cathie Wood, Chief Executive Officer at Ark Investment Management said in Bloomberg TV interview on Wednesday that Bitcoin will go to $500,000. She made the statement amidst Wednesday’s crash dropping Bitcoin’s price close to $30,000.

After its fifth straight day dropping, Wood told Bloomberg’s Carol Massar that Bitcoin is “on sale” and was not entirely sure if today’s low was its bottom. According to Wood, it is still difficult to call and abslute bottom since the market is pretty “emotional”.

Following the recent correction, the CEO said that the prospects for a Bitcoin exchange-traded fund (ETF) are looking good. She said:

“The odds are going up now that we have had this correction.”

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Wood also commented on Elon Musk’s recent concerns on bitcoin mining. She believes that the usage of solar energy in the industry will accelerate significantly as large miners are already concentrating on becoming ‘carbon-neutral’.

Peter Siu

Peter is a former poker-pro, turned crypto enthusiast with 8+ years’ experience in operational roles dealing with all online gaming verticals within large iGaming companies, including Flutter and Entain. Now an expert in the field of Sports Betting, Casino, iGaming, and Poker, he is our team leader and editor. When not working, Peter can be found in the gym or playing sports like football, tennis and more recently padel.

Tags: Bitcoin

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