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The author argues that Bitcoin’s real underlying value is not ideological but the energy (electricity) used to mine it, providing a tangible backing for the cryptocurrency.

Bitcoin has dropped over 8% in the past 24 hours, with XRP and other altcoins also facing significant pressure amid market-wide uncertainty and fears of further declines.

While many investors are panic selling, Cathie Wood’s Ark Invest has purchased another $38.7 million in shares of major crypto companies like Coinbase and Circle, doubling down on its strategy of buying the dip.