Regulators Will Not Seal BTC’s Fate, Said Ark Investment Founder Cathie Wood
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Amidst the scrutiny that BTC (BTC) has been receiving from legislators worldwide, Ark Investment founder and CEO Cathie Wood voices her optimism regarding BTC’s longevity.
Wood told Bloomberg on Thursday that BTC is “already on its way and it’ll be impossible to shut it down.” She said that the global regulators will eventually warm up to cryptocurrencies, since they would miss out on the opportunities provided by the industry if they continue to reject it.
BTC has been experiencing regulatory pushback in Europe, the US and China, causing its market to take a nose dive. However, the main contributor behind BTC’s market slump was the BTC mining environmental concerns that Tesla CEO Elon Musk publicly raised.
Wood said “half of the solution is understanding the problem.” She noted that North American miners are willing to prioritize renewable sources of energy for BTC mining.
A report by Ark Investment stated that BTC can encourage investment in solar power and increase renewable energy.
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