Link copied 
The Bitcoin price correction, which saw BTC drop to as low as $31,000 and wiped $500 billion from its peak market value, might have scared some investors into selling their digital assets but not for Ark’s Cathie Wood. In fact, she viewed the crypto’s current price as being “on-sale” and stood by her previous price forecast of half a million per coin.
In an interview with Bloomberg TV, Ark Investment Management CEO Cathie Wood was asked if she still follows the price target she gave in April and expects the crypto to reach $500,000. The question was a timely one as the market recently fell to its lowest since February with Bitcoin’s price has declined by around 40 percent from its all-time high set in April.
“We go through soul searching times like this and scrape the models, and yes our conviction is just as high,” Cathie Wood replied. “The one thing that has changed here is that the environmental concerns, around Bitcoin in particular, have caused people like Elon Musk to pull away.”
Wood was referring to Tesla’s decision to stop accepting Bitcoin as payment citing environmental concerns for its decision. The announcement was made by Elon Musk on Twitter which triggered the initial wave of BTC’s price pullback.
She expects the issue to be addressed soon with the increasing usage of renewables, particularly solar energy, in Bitcoin mining. “Elon will come back and be part of that ecosystem,” Wood said.
When asked if she thinks Bitcoin’s price could still go lower, Wood admitted that it’s very hard to predict price movement with a very emotional market. “You never know how low is low when a market gets very emotional,” she said. “I think we’re in a capitulation phase. That’s a really great time to buy no matter what the asset is.”
Wood also said that the market downturn has increased the chances of a bitcoin exchange-traded fund in the U.S. being approved this year. “The odds are going up now that we have had this correction,” she said.
