Renowned investor Cathie Wood has come out to reassure investors that Bitcoin will remain standing despite the current regulatory uproar. Wood, who is the founder of ARK Investment Management, shared her thoughts during the Coindesk Consensus 2021 conference. While China’s negative approach on crypto and increasing calls for more crypto scrutiny across Europe and the US continue rocking BTC’s price, Wood believes that regulators will not be able to make the largest crypto go away.
According to Wood, regulators will warm up to cryptocurrencies over time, seeing as they will fear missing out on innovations within the industry. While Wood believes the recent focus on green factors by individuals, such as Elon Musk, led to BTC’s recent slump, she maintained her bullish outlook on BTC in the long term. She predicts that BTC will soon rise to $500,000.00 (£354,640.00).
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She went on to note that in as much as there are continued efforts to push BTC miners into using more sustainable energy sources, Wood said it will take large mining companies to change where they source their energy.
An interesting way to address BTC’s energy requirements
Per Wood, the energy concerns surrounding BTC can be easily addressed. She believes that half of the solution that help would put these concerns to rest would be understanding the problem at hand.
She went on to say,
This auditing of what miners, certainly in North America, are willing to do around how much of their electricity usage is generated by renewables is going to bring that topic into stark relief, and will encourage an acceleration in the adoption of renewables beyond which otherwise would have taken the place.
This news comes after ARK published a report, noting that BTC can help push the production of more renewable energy. According to ARK’s Director of Research, Brett Winton, integrating BTC mining into a solar system would see energy providers could arbitrage BTC and energy prices. Additionally, such a system would see the energy providers sell surplus solar power to meet all grid power demands without compromising profitability.
At the time of writing, BTC/USD is trading at $35,799.38 (£25,288.03) after losing 9.88% over the past 24 hours. As a result, most altcoins in the top-100 list have followed suit with most coins registering double-digit losses.