Cathie Wood, the CEO of ARK Investment, holds a bullish opinion of Bitcoin, predicting the leading crypto asset to attain $500,000 in the future.
In an interview with Bloomberg, Wood affirmed that she is still standing on the prediction earlier made about BTC reaching a $500k value soon. According to the CEO “indicators are all suggesting that we are in a capitulation phase, which is a great time to buy, no matter what the asset is.”
The interviewers had thrown the question to Wood after the cryptocurrency market plunged into serious declines. The inquiry was made due to an earlier bullish prediction she made about BTC.
Wood emphasized in a reply to the inquiry referred to the analysis made by the crypto analyst of ARK Investment, “Yes, our conviction is as high.”
The Bitcoin Capitulation Stage
Cathie Woods believes that Bitcoin is in a capitulation phase and therefore this is a good time for traders to place stakes on the leading crypto.
Woods stated that the only difference that affected this prediction is the setback instituted by environmental concerns from certain investors that are yet to understand the dynamics of the digital currency.
Reiterating the trigger pulled by Tesla CEO Elon Musk after his company declined to use Bitcoin as a result of the damage it constitutes for the environment.
She said, “we believe that even this is going to change because, first of all, right now the percentage of bitcoin mined with renewables and hydroelectric power is quite substantial. I think in China it’s over 50% in renewables.”
She further highlighted the paper Ark Investment wrote in a collaboration with Square Inc, where they made arguments that Bitcoin is key to the sustainability of clean energy in the future.