ARK Invest Chief Cathie Wood believes a Bitcoin shutdown is impossible and regulators will be more welcoming in the future, according to Bloomberg.
- Wood in a conference said Bitcoin is already on its way and a shutdown of the digital coin is out of the question.
- The investor also expects regulators to be a little more “friendly” over time as environmental concerns are addressed.
- China has been vocal against the use of cryptocurrency as payment, while the United States and Europe called for greater scrutiny over the space.
- Issues on Bitcoin mining’s impact on the environment likely led to the pause in institutional buying of the digital token.
- Wood said that with the audit of crypto mining activities, the shift into renewables will accelerate and will drive growth in the long term.
- Ark Investment Management last month reported that mining of digital coins can push investment in solar power and drive more renewable energy into the grid.
ARKK: NYSEARCA is up 0.20% premarket, while BTC/USD is down 7.48%.