Cathy Wood, CEO of Arc Investment Management (Arc Invest), says regulators cannot close bitcoin. He said that they will become more friendly towards cryptocurrency over time. Wood isn’t the only one who thinks governments can’t shut down bitcoin.
Regulators can’t shut down bitcoin, says Arc CEO
Arch Invest CEO Kathy Wood shared her thoughts on bitcoin, its regulation and environmental impact, at a 2021 consensus conference on Thursday.
The CEO said that bitcoin is “already on its way and it would be impossible to shut down.” He added that regulators would be “a little more accommodating over time” due to fear of missing innovations (FOMOs) coming from the cryptocurrency sector.
Wood also commented on the environmental impact of bitcoin, stating that “half the solution is understanding the problem.” He described: “This auditing of miners in North America, of course, is set to bring considerable relief to the subject of how much of their electricity use is generated by renewable energy, and is accelerating the adoption of renewables. Would encourage. Which would have taken place otherwise. “
Earlier this week, Tesla CEO Elon Musk announced that he met in closed doors with North American bitcoin miners appointment Hosted by Michael Saylor, CEO of Microstrategy. Miners have agreed to form a Bitcoin Mining Council to promote the use of renewable energy in bitcoin mining.
Wood is not the only one who believes that governments cannot shut down bitcoin. SEC Commissioner Hester Pearce said that banning bitcoin is like shutting down the Internet. “I don’t see how you can ban it … I think it would be a Foolish The government should try to do that,” she said, “I think it is a lot”. Difficult to ban Something that is essentially peer-to-peer technology. “
Congressman Patrick McHenry said back in 2019 that bitcoin was “invincible”, adding: “We should not try to stop this innovation and governments Can’t stop This innovation and those who have tried it have already failed. “
Last week, the CEO of Arc Invest confirmed his bitcoin price forecast, saying that his firm still sees the price B T c $ 500K. reach. She further emphasized that “all our indicators are saying that it is surrender right now.”
Do you think regulators can shut down bitcoin? Let us know in the comments section below.
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