Bloomberg Intelligence claimed that funneling Ark Invest’s own money into ARKB is a measure taken to gain scale swiftly. The SEC’s approval has “set up an unusually high-stakes horse race, given that all the funds hold the same underlying asset.”

The spot Bitcoin ETF’s scale is “an important criteria for financial advisers and platforms, many of which have minimum-asset thresholds,” according to Bloomberg.

Cathie Wood: Bitcoin Network is Larger than Amazon, Google, and Microsoft Combined

Ark Invest Director of Digital Assets Yassine Elmandjra has published a post on social media, stating that Bitcoin’s hash rate has hit an all-time high of 500 exahashes/s.

To address to that impressive number, Elmandjra made a few comparisons, saying, “For every star in our galaxy, the Bitcoin network is calculating 5 billion computations per second; It would take ~2000 years for the entire global population, each performing one hash/second, to match the Bitcoin network’s hash rate.”

“The Bitcoin network performs ~67 times more hashes per second than there are grains of sand on Earth,” said Elmandjra. “By number of raw operations/second, Bitcoin is ~500x more performant than the world’s most powerful supercomputer.”

“Yet, there are skeptics out there that still believe ‘bitcoin is backed by nothing’,” he concluded.

Wood seconded the post, adding, “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.”

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