Godfrey Benjamin
Cathie Wood has just introduced superior security features for Bitcoin as the hash rate reaches new highs
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One of the most important aspects of Bitcoin (BTC) as an asset is the fundamental security surrounding it, which is one of the advantages of Cathie Wood from Ark Invest. Amplify In X’s last post. The veteran investor, whose company now runs an active Bitcoin ETF alongside 21Shares, noted that Bitcoin is backed by the world’s largest computer network.
There have always been some forms of criticism around Bitcoin, especially from notable figures like CNBC’s Mad Money host Jim Cramer, JPMorgan CEO Jamie Dimon and Peter Schiff. The network statistics presented by the CEO of Ark Invest validate the counterargument showing that Bitcoin has value and, more importantly, has a high level of security.
Cathie Wood noted that Bitcoin’s complex network is “far larger than the combined size of the clouds that Amazon, Google, and Microsoft have built over the past 15 to 20 years.”
These comments were a direct response to a post by Yassin El Manjra, Director of Digital Assets at Ark Invest, who highlighted that Bitcoin hash rate had reached an all-time high (ATH) of 500 exahash/s this month. Yassin shared crazy statistics, including how Bitcoin performs, by number of raw operations per second, nearly 500 times faster than the world’s most powerful supercomputer.
Bitcoin advantage
Since its inception, Bitcoin has faced critics who, despite what the data says, are relentless in describing the currency as a mere speculative asset.
However, the ecosystem has continued to grow, with the US Securities and Exchange Commission (SEC) validating this growth when it approved 11 Bitcoin Exchange Traded Fund (ETF) applications from the likes of Ark Invest and BlackRock.
While the move has given corporate investors exposure to the protocol, Bitcoin’s upcoming halving event is also a major indicator that the currency was designed with a great deal of intentionality in the hopes of making it as valuable as it is today.
Amidst all the positive trends surrounding it, Bitcoin fell by 3.38% in 24 hours to $41,401.15 to lead the ongoing bearish consolidation in the market.
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Godfrey Benjamin