Ark Investment Management (Ark Invest) CEO Cathie Wood said regulators can’t stop bitcoin. She added that they will become more cryptocurrency friendly over time. Wood isn’t the only one who thinks governments can’t stop Bitcoin.
Regulators Can’t Stop Bitcoin, Says Ark CEO
Ark Invest CEO Cathie Wood shared her take on bitcoin, its regulation and its environmental impact at the Consensus 2021 conference on Thursday.
The CEO said bitcoin is “already on its way and it will be impossible to shut it down.” She added that regulators “will be a little friendlier over time” towards cryptocurrencies due to a fear of missing out (FOMO) of innovation coming from the crypto industry.
Wood also commented on the environmental impact of bitcoin, stating that “half the solution is understanding the problem.” She described: “This audit of what miners, certainly in North America, are prepared to do regarding the share of their electricity consumption produced by renewable energy will bring this issue to the fore and encourage an acceleration of the adoption of renewable energies. beyond which otherwise would have occurred.
Earlier this week, Tesla CEO Elon Musk announced that he had met with North American bitcoin miners in a closed-door meeting hosted by Microstrategy CEO Michael Saylor. The miners agreed to form a Bitcoin Mining Council to promote the use of renewable energy in Bitcoin mining.
Wood isn’t the only one who thinks governments can’t stop bitcoin. SEC Commissioner Hester Peirce said banning bitcoin was like shutting down the internet. “I don’t see how you could ban it… I think it would be foolishness for the government to try to do it,” she said, noting, “I think it is very difficult. to ban something that is essentially a peer-to-peer technology.
Congressman Patrick McHenry said in 2019 that bitcoin was’ unstoppable ‘, adding,’ We should not attempt to discourage this innovation, and governments cannot stop this innovation and those who have tried have already failed. “
Last week, Ark Invest’s CEO reaffirmed his forecast for the price of bitcoin, stating that his company still sees the price of BTC reaching $ 500,000. She further pointed out that “All of our indicators are saying this is a capitulation right now”.
Do you think regulators can stop bitcoin? Let us know in the comments section below.
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