Cathie Wood is standing firm in her support for Bitcoin (CRYPTO: BTC) despite a 5% weekly decline, tweeting that the apex crypto is backed by the world's largest computer network.
What Happened: The Ark Invest CEO remains unfazed by sliding Bitcoin prices, sharing analysis by the Director of Digital Assets at ARK Investment Management Yassine Elmandjra:
Elmandjra highlighted in his tweet that the Bitcoin hash rate peaked at an all-time high of 500 exahashes in January 2024. He added that in terms of raw operations per second, Bitcoin is around 500 times more performant than the world's most powerful supercomputer and finished his statement with the words, "Yet, there are skeptics out there that still believe 'bitcoin is backed by nothing.'"
Bitcoin supporters on social media applauded Wood's statement, with one user saying it “is not hyperbolic, but it is incorruptible mathematical truth.”
Eric Yakes, author of "Bitcoin and the Monetary Revolution," said on X: “Bitcoin isn't backed by the largest computer network in the world. It's secured by it.”
He explained that the difference is “because good money isn't backed by anything - it has fundamentally sound monetary properties. Bitcoin miners, nodes, people, and companies create these properties.”
Photo: Shutterstock and Ark Invest
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