The Crypto Round-Up: May 26th, 2021

Ark Investment’s Cathie Wood: BTC Will Hit $500K

With the recent Bitcoin drop, a lot of traders just dump and run. The Ark Investment Management boss, Cathie Wood, said that the recent crypto market was currently “very emotional” so it was not yet possible to know where the bottom would be for Bitcoin. Moreover, she added that the recent decline is an indication that it “ is a very good time to buy”. Read more

Jack Dorsey: PoS Offers Less Security and Highly Centralized

The CEO of Twitter and Square, Jack Dorsey, is a bitcoin proponent who stands that bitcoin is environmentally friendly as it promotes sustainability with the use of clean green energy. Many have proposed that bitcoin should use Proof of Stake (PoS) as it is believed to consume 90% of energy. However, Dorsey claimed that PoS is highly centralized and gives less security than PoW. Read more

US Billionaire Ray Dalio Chose Bitcoin Over Bonds

In January, US billionaire Ray Dalio, states that Bitcoin has features that could make it an attractive store hold of wealth. It has been known that Dalio hates cash and bonds, however, he’s also known for making good investment calls. Now, he claims that he owns bitcoin. Read more

The US Government Explores the Possibility of Issuing CBDC

Amidst the rise of cryptocurrencies, Federal Reserve Chair Jerome Powell said that the US Government is exploring the possibility of issuing a new type of digital currency. This summer of 2021, they will be publishing a discussion paper about the possible creation of a central digital bank currency (CDBC). In line with this, they are also exploring the risks and benefits of CBDCs. Read more