BTC Could Be Heading Towards $500K, According To Cathie Wood

Cathie Wood is one of the world’s most successful and popular hedge managers, and she has recently stated that despite the recent setbacks, Bitcoin (BTC) is still likely to be able to reach the $500,000 mark. As of the time of this writing, BTC is trading at $36,055, which is a 10.4% decrease since yesterday.

Cathie is also the founder, CIO, and CEO of Ark Investment, one of the world’s top firms specializing in investment management. As such, although she still believes that BTC can reach the highs that it was always capable of, she nevertheless did admit that certain conditions have recently changed. One of the main and reoccurring topics of interest has been the conversation regarding BTC’s massive energy consumption, which had also been recently highlighted by Elon Musk and cited as the main reason as to why Tesla will no longer be accepting payments in BTC. Cathie admits that the desire for a cleaner and more energy-renewable ecosystem has had an impact on the cryptocurrency industry and the way things are done.

Environmental concerns increasing

Regardless of Elon Musk’s recent comments about BTC mining not being as friendly to the environment as it could be, there are those who have nevertheless stated that there is a substantial amount of BTC being mined that is conducted via renewable sources as well as hydroelectric power.

Ark Investment had been among the list of individuals and organizations that had also recently called out Elon for his seemingly hypocritical stance, as his continued production of Tesla’s electric vehicles and space rockets are not exactly relying on 100% renewable energy sources either. Furthermore, Ark Investment, alongside Square, will be hosting a conference this coming July to address these environmental issues.

‘Excess power from renewable sources can be offloaded into BTC mining’

Cathie had also stated that as renewable sources of energy include wind, solar, and other related sources, the excess power that is generated via these technologies may, in fact, be able to be potentially offloaded into BTC mining. As per her statement, Cathie hence believes that this could result in BTC mining becoming more environmentally-friendly, and could also simultaneously improve the sectors pertaining to renewable energy through the involvement of increased economic and monetary incentives.

Lastly, Cathie commented on the current condition of BTC’s price, saying that although the potential bottom for Bitcoin is still yet to be seen, the situation could nevertheless be ideal for buying the cryptocurrency when its prices are still low.