Cathie Wood, Chief Executive Officer at Ark Investment Management said in a 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.
.@carolmassar talks #Bitcoin mining with @ARKInvest Founder @CathieDWood. "We believe the adoption of solar is going to accelerate dramatically – because there is another profit center associated with it – Bitcoin mining." #TheBusinessweek pic.twitter.com/K0rTmiQqaf
— Bloomberg Live (@BloombergLive) May 19, 2021
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.”
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’.
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