As you know, yesterday was catastrophic for cryptocurrencies. What’s encouraging, however, is that people like Cathie Wood, CEO of Ark Investment Management, believe Bitcoin (BTC) will reach $500,000 despite yesterday’s rocket drop to $30,000.
In Wednesday’s interview, she commented that BTC is right now “on sale”, as well as that in the short term, $30,000 may not be the bottom. The fact is that more experienced players showed newcomers the art of manipulation yesterday, and since many people let their emotions decide, as well as the fact that millions of people bought Bitcoin or other cryptocurrencies on the top itself, it’s hard to guess the bottom and the market needs to cool.
During the interview, Wood also commented on Tesla’s CEO Elon Musk’s environmental concerns, explaining that the adoption of solar energy in mining will accelerate dramatically. Wood also said that the prospects for a bitcoin exchange-traded fund in the US this year have increased significantly due to the fall in prices.
“The odds are going up now that we have had this correction.”
Earlier this month, Woods announced that she had joined the board of directors of the Swiss company Amun Holdings, which provides its investors with a very easy way to invest in cryptocurrencies.