Renowned investor Cathie Wood has come out to reassure investors that Bitcoin will hold its own despite the current regulatory uproar. Wood, founder of ARK Investment Management, shared her thoughts during the Coindesk Consensus 2021 conference. While China’s negative focus on cryptocurrencies and growing calls for increased scrutiny of cryptocurrencies in Europe and the US continue to shake the price of BTC, Wood believes that regulators will not be able to make the biggest crypto disappear.
According to Wood, regulators will heat up on cryptocurrencies over time as they fear missing out on innovations within the industry. While Wood believes that the recent focus on ecological factors by individuals, such as Elon Musk, led to the recent BTC crash, he maintained his bullish outlook on BTC in the long term. She predicts that BTC will soon rise to $ 500,000 (354,640 pounds).
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He went on to note that as there are ongoing efforts to push BTC miners to use more sustainable energy sources, Wood said it will take large mining companies to change where they get their power from.
An interesting way to approach the energy requirements of BTC
According to Wood, the energy concerns surrounding BTC can be easily addressed. She believes that half the solution that would help end these concerns would be to understand the problem at hand.
She continued saying,
This audit of what miners, certainly in North America, are willing to do about how much of their electricity use is generated by renewables will bring that issue to prominence and encourage an acceleration in the adoption of renewables beyond. than I would otherwise. they have taken the place.
This news comes after ARK released a report, noting that BTC can help drive the production of more renewable energy. According to ARK research director Brett Winton, integrating BTC mining into a solar system would allow energy providers to arbitrate BTC and energy prices. Furthermore, such a system would cause energy providers to sell surplus solar energy to meet all grid energy demands without compromising profitability.
As of this writing, BTC / USD is trading at $ 35,799.38 (£ 25,288.03) after losing 9.88% in the last 24 hours. As a result, most of the altcoins on the top 100 list have followed suit with most coins posting double-digit losses.
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