Pro-Bitcoin: Bitcoin rallies past $50,000 after backing from Ark’s Cathie Wood and Jack Dorsey’s Square

Bitcoin rose earlier this morning following the show of solidarity to the value of the crypto by Cathie Wood, Ark’s CEO and Square, a financial services company co-founded by Twitter’s finest, Jack Dorsey.

In an interview with Bloomberg, Cathie Wood, the superstar head of Ark said that she’s very positive about Bitcoin and is very happy to see a healthy correction in the coin’s value. Also, Square purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million. Based on the $170 million sum Square swapped for about 3,318 BTC, the company looks to have paid an average of $51,235 per coin on its new investment.

The largest cryptocurrency advanced as much as 5.4 per cent to about $50,557 earlier today, thanks to Cathie’s comment and Dorsey’s investment. The rebound follows a tough week for the token, including a drop to $45,000 yesterday, which is way below the $50,000 mark after tapping a record high past $58,000.

Although Bitcoin remains lower than its recent record of about $58,350, the pullback so far has been referred to as “relatively modest,” by crypto analysts

The coin’s rally is at the centre of one of the hottest debates in financial markets. Those who preach the Gospel of bitcoin see bitcoin as an emerging asset class that is being embraced by long-term investors and not just speculators. Critics fear Bitcoin is in a bubble that will inevitably burst.

Tell me, what are your views on the crypto giant? Are you a firm believer or a critic?