CEO of Ark Invest Says Bitcoin Is In the Capitulation Phase and Predicts the Price of Bitcoin Will Be $500k
As we all know that the price of bitcoin decreased recently, and this was a considerable fall which has impacted bitcoin investors from all around the world. But despite this significant fall in the bitcoin value, Cathie Wood, who is the CEO of Ark Investment Management, still says that bitcoin prices will be $500k. In addition to it, she said that all these gauges are signifying that the bitcoins are in the capitulation stage, and it is truly an excellent time for people to buy. If you want to know more about bitcoins, then you can read more about bitcoin trading in South Korea
Cathie wood sees bitcoin rising to the value of 500k dollars!
- The CEO of the ark invest group has explained her point of view on the current scenario of the bitcoin market as well as the prediction of the rise in the bitcoin price. She shared it in her latest interview with Bloomberg Wednesday.
- You need to know about the fact that the wood has also previously predicted that the value of bitcoin will increase to the extent of $500k. But after the recent fall in the value of bitcoin and the sell-offs of bitcoins all around the world, she was asked again whether she still stands by her prediction or not. And in reference to the work and research which has been done by the cryptanalyst of her firm, she said that she still stands with her prediction of bitcoin rising to the value of $500 k.
- She added that the one thing which has been changed now is that bitcoin is giving environmental worry, and specifically, it has caused people to pull away from bitcoin. Recently the Tesla company owner, Elon Musk, announced that they are going to stop the acceptance of bitcoin as a means of payment, and this is all because of environmental concerns.
- However, the one thing that should be noted here is that Elon Musk has also confirmed that the Tesla company has not sold the bitcoins which he bought. It is essential for you to understand the fact that when the price of bitcoin fell this week, then Elon musk also tweeted with the diamond hand emojis, which was signifying that tesla is not going to sell its bitcoins.
- Well, stating the environmental worries of some people like Elon Musk, the CEO of Ark Invest, said that this is definitely going to change. It is because, in the existing situation, the percentage of the bitcoins which get mined with renewables as well as hydroelectric power is very considerable. She added that right now in China, there are more than 50% of renewables.
- You will be amazed to know that she also preferred a paper which the ark invest inscribed with the square inc. in which they were arguing on how bitcoin is the key for the abundant and the clean energy future. Moreover, this week, only the ARK management was arguing that bitcoin can also be a clear positive for the environment.
- She was also asked how low the price of bitcoin can fall from its current value, and she said how low it is going to be because the market is quite emotional now. A lot of traders are expecting that the bitcoin price will drop below the 200 days of the moving average, which was at $40000. Once this happens, the traders will dump all the bitcoin, and they will run.
- According to her, bitcoin is the capitulation state, and this is the stage in which we should buy bitcoin and not sell. As you know that more and more people are disposing of their bitcoins because they think that the value of bitcoin will get lower, so she said that all the indicators which are being suggested are that the current situation is the capitulation situation and the price of bitcoin would surely rise. You should not get rid of your bitcoin at this stage, but instead, you should buy more of it because the price of bitcoin is expected to rise very soon, and according to her, the bitcoin price is going to reach the level of 500k dollars.