Cathie Wood, founder and CEO of Ark Investment, has said that regulators from all over the world cannot do anything to shut down Bitcoin despite their efforts.
Bloomberg has reported citing Wood that the market’s largest cryptocurrency is “already on its way and it’ll be impossible to shut it down.” She added that regulators “will be a little more friendly over time” to cryptos because they fear they might miss the opportunities this promising industry has to provide.
While it is not 100% sure what is behind the recent crash of the crypto market, it seems that increasing concerns on the environmental impact of their mining could be the reason that has started the recent sell-off. It all started when the Tesla CEO Elon Musk said the company was halting BTC payments for its cars due to the environmental impact of BTC.
In relation to this, Wood said “half of the solution is understanding the problem.” According to her, US miners are interested in moving to renewable sources of energy for crypto mining, which will “bring that topic into stark relief, and will encourage an acceleration in the adoption of renewables beyond which otherwise would have taken the place.”