Cryptocurrency News

Turning off bitcoin is impossible, says the founder of Arc Investment

While Bitcoin (B T c) Increasingly comes under scrutiny by regulators around the world, Arch Investment founder and CEO Kathy Wood is confident that regulators will not be able to shut down the world’s largest cryptocurrency.

Wood said that bitcoin is “already on its way and it would be impossible to shut down,” Bloomberg Reports Thursday At Coindesk’s Consensus 2021 conference, he said that global regulators would be “a little more accommodating over time” due to fear of missing opportunities provided by the industry.

He said the recent regulatory pushback against bitcoin in Europe, the United States and China contributed to the slowdown in the bitcoin markets, but the primary trigger for institutions preventing the purchase of bitcoin was the mining-related environmental boosted by Tesla CEO Elon Musk There were concerns.

Earlier this month Musk indicated that he Dump Tesla’s $ 1.5 billion BTC Holdings due to “the rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal”.

“Half the solution is understanding the problem,” Wood said, noting that miners in North America are ready to prioritize renewable sources of energy for bitcoin mining. This would “bring that subject to complete relief, and encourage an acceleration in the adoption of renewable energy beyond which otherwise would have taken place,” she said. Earlier, an arc investment report had asserted that bitcoin can be mined Increase investment in solar energy And promoting renewable energy.

Wood’s comment came when bitcoin failed to hold above $ 40,000 Rebound to price mark on Wednesday. At the time of publication, bitcoin was trading at $ 36,000, up more than 8% that day.