Bitcoin, the enigmatic digital asset, is once again sparking debate, this time around its fundamental security. Cathie Wood, the tech-savvy Ark Invest CEO, ignited the fire by declaring Bitcoin “backed by the largest computer network in the world.”
This claim, echoing Michael Saylor’s pronouncement of Bitcoin as a “digital scarcity,” paints the cryptocurrency as an impregnable fortress.
Bitcoin Is A Fortress – Cathie Wood
Bitcoin is backed by the largest computer network in the world, a network orders of magnitude larger than the combined size of the clouds that Amazon, Google, and Microsoft have built over the last 15-20 years. https://t.co/TsSDyTTyuk
— Cathie Wood (@CathieDWood) January 19, 2024
But is the picture truly so black and white? Critics, like CNBC’s Jim Cramer and JPMorgan’s Jamie Dimon, have long dismissed Bitcoin as a mere speculative bubble. They point to its volatile price swings and question its intrinsic value.
However, Wood’s assertion rests on a hard truth: Bitcoin’s network dwarfs the combined might of tech giants like Amazon, Google, and Microsoft.
Bitcoin currently trading at $41,576 on the daily chart: TradingView.com
This decentralized web of miners, validating transactions through a complex cryptographic dance, forms the backbone of Bitcoin’s security.
As Eric Yakes, author of “Bitcoin and the Monetary Revolution,” aptly puts it, “Bitcoin isn’t backed by the largest computer network in the world. It’s secured by it.”
Go to Source to See Full Article
Author: Christian EncilaDid you like this?
Tip BTC Newswire with CryptocurrencyDonate Bitcoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some bitcoin:Donate Bitcoin Cash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send bitcoin:Donate Ethereum to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Ether:Donate Litecoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Litecoin:Donate Monero to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Monero:Donate ZCash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some ZCash:
