Ark Investment’s Cathie Wood believes BTC will rally to $500,000 and says the mining industry is increasingly embracing renewable energy.
The CEO of Ark Investment Management, Cathie Wood, believes the controversial Tesla CEO and Dogecoin proponent, Elon Musk, will embrace Bitcoin once increased adoption of renewable energy has occurred within the mining industry.
Despite connections between Musk and the Bitcoin community souring, Wood predicted:”Elon will come back and be part of [the Bitcoin] ecosystem.”
Wood’s comments come on the exact same day which Ark’s Sam Korus printed an update the company’s”open Solar+Battery+Bitcoin mining model” to allow historic testing of their system’s efficacy.
Korus concluded:”The takeaway is that regardless of a Bitcoin bull of bear market, Bitcoin mining may incentivize additional battery and solar installations,” adding:
“The next step is to dimension solar+battery+Bitcoin mining in the household level.”
Musk replied to the post, noting that although this type of system could be achieved over time, the recent”intense” growth in Bitcoin’s hash rate could not have been supported by renewables.
He advocated for the top 10 mining pools by hash rate to post audited breakdowns of the energy resources.
With Wood anticipating renewables will represent a bigger share of their energy fueling the mining industry, the Ark Invest founder is steadfast in her predictions of $500,000 BTC for its future regardless of the recent crash that saw prices tumble more than 50% over the course of two months.
Wood characterized the markets as having entered a”capitulation phase,” claiming it is”a really great time to get” despite acknowledging:”You never know how low is reduced when a market becomes very emotional.”
Wood is putting her money where her mouth is too, with Ark Invest accumulating shares in Coinbase while the stock has been trading under its own direct record reference price of $250.
The crypto downturn accelerated with Tesla CEO Elon Musk’s obvious u-turn on Bitcon, together with Musk criticizing the environmental impacts of Bitcoin mining.
Wood also believes that the heavy economy retracement improves the prospects of U.S. authorities approving a Bitcoin exchange-traded fund, or ETF, saying:”The chances are going up now that we’ve experienced this correction.”