Elon Musk Expresses Surprise at Bitcoin’s Largest Computer Network Backing
Billionaire Elon Musk recently expressed surprise after Cathie Wood, CEO of Ark Invest, pointed out that Bitcoin is backed by the largest computer network in the world. Wood’s statement came despite a recent dip in the price of the cryptocurrency.
Wood, known for her support of Bitcoin, reposted an analysis by Yassine Elmandjra, the Director of Digital Assets at Ark Investment Management. The analysis underlined that Bitcoin’s computer network is several times larger than the combined network of major players in the cloud computing space, including Amazon.com Inc., Microsoft Corp., and Alphabet Inc.’s Google.
Musk, impressed by the revelation, simply responded with a “Wow.” This highlights the significance of Bitcoin’s vast computer network and its implications for the cryptocurrency’s security and reliability.
The analysis by Elmandjra also revealed that Bitcoin’s hash rate reached an all-time high of 500 exahashes per second this month. This further emphasizes the strength and resilience of Bitcoin’s network.
Wood’s argument about the security of Bitcoin was supported by others in the industry. Michael Saylor, co-founder and chairman of MicroStrategy, stated that Bitcoin is a technological marvel and that people need to recognize that it is here to stay.
Wood also criticized JPMorgan Chase & Co. CEO Jamie Dimon for his negative views on Bitcoin. Dimon had referred to the cryptocurrency as a “pet rock” during a speech at the World Economic Forum. Wood argued that the data contradicts Dimon’s description and supports the legitimacy of Bitcoin.
In addition to her vocal support, Wood also holds a notable position in Bitcoin. She announced that 1% of Ark Next Generation Internet ETF’s funds are invested in the Ark 21 Shares Bitcoin ETF.
At the time of writing, Bitcoin was trading at $41,546, showing a 1.10% increase in the last 24 hours. This demonstrates the resilience and ongoing popularity of the cryptocurrency.
Overall, Wood’s recognition of Bitcoin’s extensive computer network and Musk’s surprise highlight the strength and security of the cryptocurrency. It further solidifies Bitcoin’s position as a significant player in the digital currency market.
