From Nasdaq:

Cathie Wood remains steadfast in her support for Bitcoin despite a 5% weekly decline, citing its backing by the world’s largest computer network. The Director of Digital Assets at ARK Investment Management, Yassine Elmandjra, noted that Bitcoin hash rate peaked at an all-time high of 500 exahashes in January 2024. Wood holds a significant personal stake in the success of Bitcoin and her firm, Ark Investment Management, has purchased around 1% of its own ARK 21Shares Bitcoin ETF. Bitcoin supporters on social media applauded Wood’s statement, with one user calling it “incorruptible mathematical truth.” Eric Yakes, author of “Bitcoin and the Monetary Revolution,” emphasized that Bitcoin isn’t backed by the largest computer network in the world, but rather secured by it. Next, Bitcoin could face more short-term sell pressure from outflows, while analysts widely expect the halving to be a bullish catalyst in the medium term.



Read more: Bitcoin’s Dip Doesn’t Faze Cathie Wood: ‘Backed By The Largest Computer Network’