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A major highlight of Bitcoin (BTC) as an asset is the underpinning security around it, a feature Ark Invest’s Cathie Wood amplified in a recent X post. The veteran investor, whose firm now runs an active spot Bitcoin ETF alongside 21Shares, noted that Bitcoin is backed by the largest computer network in the world.
There have always been some forms of criticism about Bitcoin, especially from prominent figures like CNBC’s Mad Money Host Jim Cramer, JPMorgan CEO, Jamie Dimon and Peter Schiff. The network statistics presented by the Ark Invest CEO validate the counterargument that shows Bitcoin has value, and most importantly, that it has a high level of security.
Cathie Wood noted that Bitcoin’s intricate network is “orders of magnitude larger than the combined size of the clouds that Amazon, Google, and Microsoft have built over the last 15-20 years.”
These comments were a direct response to the post from Yassine Elmandjra, Ark Invest’s director of digital assets, who highlighted that Bitcoin’s hash rate has hit an all-time high (ATH) of 500 exahashes/s this month. Yassine shared insane statistics, including how Bitcoin, by the number of raw operations per second, performs approximately 500x more than the world’s most powerful supercomputer.
Since its inception, Bitcoin has had critics that, despite what the data says, are unrelenting in calling out the coin as a mere speculative asset.
However, the ecosystem has continued to grow, with the United States Securities and Exchange Commission (SEC) validating this growth when it approved 11 spot Bitcoin Exchange Traded Fund (ETF) applications from the likes of Ark Invest and BlackRock.
While this move has given corporate investors exposure to the protocol, the forthcoming Bitcoin halving event is also a major indicator that the coin is designed with much intentionality in hopes of making it as valuable as it is turning out to be today.
Amid all the positive trends surrounding it, Bitcoin has dropped by 3.38% in 24 hours to $41,401.15 to lead the ongoing market’s bearish consolidation.