January 20, 2024 4:03 AM | 2 minute read
2024 Breaking News: SEC approves Bitcoin ETF!
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billionaire Elon Musk later expressed surprise Ark Investment CEO Cathie Wood pointed it out Bitcoin (CRYPTO: BTC) is powered by the world's largest computer network.
what happened: Wood expressed support for Bitcoin, despite the recent plunge in the king of cryptocurrencies.
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See also: Cathie Wood's Ark Investments strengthens portfolio with 1% of its Bitcoin Spot ETF
Reposting analysis by Yassin Elmanjra, director of digital assets at Ark Investment Management, emphasized that Bitcoin's computer network is several times larger than the networks of the largest cloud computing players combined.This too Amazon.com Inc., Microsoft Corporationand Alphabet Inc. Google.
Mr. Musk was also impressed by this, calling it “amazing.''
According to Elmandjra, Bitcoin's hashrate hit an all-time high of 500 exahashes per second this month.
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Why it's important: Wood's assertion that Bitcoin is safe was echoed by others.
michael saylorCo-founder and Chairman of micro strategysaid, “Bitcoin is real. It's a technological marvel and people need to start realizing that it's here to stay.”
Wood also hit JPMorgan Chase & Co. CEO Jamie Dimon criticized for cynical remarks about Bitcoin – he called the crypto king a 'pet rock' during a speech world economic forum At Davos, Switzerland.
“Data ignores Jamie's explanation and flies away.”
Wood also holds a notable position regarding Bitcoin, where she announced 1% of Bitcoin. Ark Next Generation Internet ETF (NYSE:ARKW) funds are Ark 21 Shares Bitcoin ETF (Bat: ARKB).
Price action: At the time of writing, Bitcoin was trading at $41,546, up 1.10% over the past 24 hours. According to Benzinga Pro.
Read next: Bets on Bitcoin: SEC opens floor for comments on BlackRock ETF options
Photo credit: Shutterstock
2024 Breaking News: SEC approves Bitcoin ETF!
Over 30,000 investors trust our exclusive reports for cryptocurrency insights, 3 new stock ideas every week, and in-depth analysis. Get your weekly report now!
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