Bloomberg reported on the 19th (local time) that Cash Wood, the CEO of Arc Investment Management, said, “Bitcoin is going to go 500,000 dollars even though Bitcoin is crashing.”
Wood said in an interview with Bloomberg TV that day, “Bitcoin decline is a healthy correction, and will eventually reach $500,000.”
“Rather, using the low-cost buying opportunity, we will buy more of Tesla’s stock as well as bitcoin,” he added.
On the previous day, when the People’s Bank, the central bank of China, announced that it would again crack down on cryptocurrency (virtual currency), Bitcoin plunged due to concerns that regulatory authorities in each country would further tighten regulations on the cryptocurrency market. Bitcoin plunged 30% to the $31,000 mark.
Tesla’s stock price, which holds a large amount of bitcoin, also plunged 2.49% compared to the previous trading day.
Wood will use it as a low-cost buying opportunity, Bloomberg said.
