Bitcoin News: Prominent investor Cathie Wood claimed that Bitcoin will survive despite the current regulatory chaos. Wood, the founder of ARK Investment Management, shared his thoughts during the Coindesk Consensus 2021 Conference.
Wood: “Bitcoin cannot be eliminated”
As China’s negative approach to cryptocurrencies and rising demands for more crypto scrutiny across Europe and the US continue to shake the price of BTC, Wood believes regulators will not be able to eliminate BTC.
Regulators fear missing out on industry innovations and will warm to cryptocurrencies over time, Wood said. While Wood recently believed that the focus of individuals like Elon Musk on energy and nature issues led to the recent decline of BTC, he maintained his upward view of BTC in the long run. She predicts that BTC will soon rise to $500,000.
Miners may turn to renewable energy sources
While there are constant efforts to push BTC miners to use more sustainable energy sources, Wood said that large mining companies will change the sources they get energy from.
According to Wood, energy concerns over BTC can be easily addressed. She believes half of the solution to address these concerns would be to understand the problem at hand.
Miners in North America want to do something about how much of their electricity use is generated by renewable sources. This enthusiasm can relax the environment and promote an acceleration in the adoption of renewable energies.
This news comes after ARK released a report stating that BTC could help boost more renewable energy generation. Integrating BTC mining into a solar system will result in energy providers being able to arbitrage BTC and energy prices, according to Brett Winton, ARK’s Director of Research. In addition, such a system will cause energy providers to sell large amounts of solar power to meet all grid power demands without sacrificing profitability.
Currently, BTC / USD is trading at $ 35,799.38 after losing 9.88% in the last 24 hours. Most altcoins in the top 100 list followed BTC’s double-digit losses.