Bitcoin (BTC) recovered on Wednesday, surging to $50,000-level a few days after a sharp downturn. The world’s largest digital currency soared again following news about payment firm Square’s $170 million Bitcoin purchase and bullish comments from Cathie Wood on the crypto.
Ark Investment Management CEO Cathie Wood’s comments on Bitcoin have also contributed to the digital currency’s 7.5% increase. Cathie said that she is “very positive on bitcoin” despite the recent price dip.
“We’re very positive on bitcoin. I’m very happy to see a healthy correction here. No market is straight up. Everyone should know that. Everyone should have some dry powder for days like these.And that can happen in two ways. It can happen with inflation. Bitcoin, I think, is the best hedge against inflation out there bars none, better than gold. Cathie said.
“If you think there’s a 5% chance of that happening, you should put 5% of your portfolio long-term – or your wealth – into something like bitcoin. You can carry the keys in your head across the border.” ” She added.