The Bitcoin Gyration and Comments
Bitcoin has partially recovered from its latest slump, ramping up above $50,000 again. This time, the driver is apparently a comment from Ark Investment Management head Cathie Wood, who said she is "very positive on Bitcoin."
Wood, the superstar head of Ark, said in a Bloomberg interview she’s “very positive on Bitcoin, very happy to see a healthy correction here.”
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The cryptocurrency rally is at the center of one of the hottest debates in financial markets. Believers see an emerging asset class being embraced by long-term investors, not just speculators. Critics fear Bitcoin is in a bubble that will inevitably burst.
Tesla Inc. Chief Executive Officer Elon Musk in recent tweets said Bitcoin prices “seem high,” having earlier called it a “less dumb” version of cash. Microsoft Corp. co-founder Bill Gates cautioned about how investors can be swept up in manias. Treasury Secretary Janet Yellen said Bitcoin is an “extremely inefficient way of conducting transactions.”