Environmental issues raised by billionaire Elon Musk regarding Bitcoin are “misguided,” Insider reported.

TSLA and BTCUSD charts
  • Ark Invest Analyst Yassine Elmandjra said Bitcoin could provide a boost to renewable energy and in the long term provide more benefits than disadvantages.
  • In a note, Elmandjra said Bitcoin mining could shift intermittent power resources into baseload generation through the storage of energy.
  • The analyst said renewables will be able to meet 99% of the grid’s needs with subsidies associated with Bitcoin mining, but only 40% without it.
  • Musk last week announced the suspension of accepting Bitcoin payments for Tesla electric cars due to the impact of mining activities on the environment.
  • Bitcoin has since plunged 32% from its record high, and has dropped to a new low of $42,000.
  • Bitcoin was last trading down 0.99% to $44,832.32 at 12:31 p.m. GMT, according to 

Coindesk.

TSLA: Nasdaq is down 1.36% premarket.