- Bitcoin is struggling to hold above the significant $30,000 level and is finding support from Cathie Wood’s continued endorsement of BTC.
- Cathie Wood expressed her belief that Bitcoin is gaining more support. According to Wood, Bitcoin serves as an insurance policy, especially in light of bank failures in March.
- Wood, one of the most respected voices in the crypto world, strengthens the optimism surrounding Bitcoin as a revolutionary asset.
Cathie Wood, the founder of ARK Invest, stated that Bitcoin is gaining more strength and referred to the bank failures in March as an insurance policy for Bitcoin.
Wood Continues to Show Strong Support for Bitcoin
Bitcoin is striving to hold above the significant $30,000 level, receiving support from Cathie Wood, the founder of ARK Invest, who is expected to provide further endorsement for BTC. In particular, US Congressman Ritchie Torres criticized SEC Chairman Gary Gensler’s negative stance on cryptocurrencies and highlighted the success of Ripple as a counterargument.
Cathie Wood expressed her belief that Bitcoin is gaining more support. According to Wood, Bitcoin serves as an insurance policy, especially in light of bank failures in March. Wood praised the decentralization and transparency features of the asset, emphasizing how these qualities mitigate risks such as the severe economic downturn experienced in 2008-2009.
In a Bloomberg interview, Cathie Wood made a price prediction of $1.5 million for Bitcoin by 2030. Wood attributes this prediction to the increasing confidence in BTC within Ark Invest, referring to it as a bullish scenario, while she provided a bearish scenario prediction of $625,000. Despite her excessively optimistic forecast, Wood’s unwavering belief in the potential of Bitcoin is encouraging.
As one of the most respected voices in the crypto world, Wood contributes to further solidifying the optimism surrounding Bitcoin as a revolutionary asset. Wood’s statements have also helped prevent further losses in BTC value.
US Congressman Criticizes the SEC Chairman’s Approach to Cryptocurrencies and Highlights Ripple’s Success
US Congressman Ritchie Torres accused SEC Chairman Gary Gensler of unjust attacks on cryptocurrencies. Torres particularly referenced the recent victory of Ripple Labs and urged Gensler to acknowledge the clarity provided by the court ruling.
The congressman believes that the SEC should focus on malicious actors involved in fraud and market manipulation, rather than adopting a general approach toward digital assets unrelated to security offerings.
Torres applauded Judge Analisa Torres for making a distinction between securities and commodities, naming it the “Torres Doctrine” as a sign of respect. He argues that the SEC does not have the authority to regulate digital assets that are not associated with a genuine security offering.
Majority Leader of the Democratic Party Tom Emmer described Ripple Labs’ partial victory on July 14 as a “historic development” and suggested that it should be enshrined in laws.
Meanwhile, Senator Torres requested an investigation by the SEC into Elon Musk’s relationship with Tesla and Twitter, leading to further scrutiny in the crypto markets. Differing opinions on the case between Ripple Labs and the SEC have impacted the movement of BTC.
