Ark Investments CEO Pulls Up Elon Musk for Bitcoin Disaster

Ark Investments CEO Pulls Up Elon Musk for Bitcoin Disaster

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Cathie Wood, CEO of Ark Investments, has pulled up the gun on Elon Musk, Tesla chief, and ECG for their recent action towards Bitcoin, resulting in the price fall and loss for many investors. While addressing at the CoinDesk Consensus Conference 2021, Wood mentioned that that institution engaged in buying Bitcoin halted their action.

Having concerns over Bitcoin’s mass-energy consumption for mining purposes is not new in the industry. However, a recent tweet by the Tesla boss Elon Musk has sparked the debate, which pushed the market into the Green Mining process. Wood is also optimistic about pushing for renewable mining solutions unlocking new prospects for those solar companies which are facing loss. According to her, this green mining switch will accelerate the adoption of renewables to some length.

The massive bull run of Bitcoin has drawn the attention of regulators, thanks to the strict policies introduced by China to bring a halt to Bitcoin mining. However, Wood believes that Bitcoin cannot shut down and will be ahead in the market. She also believes that officials will be quite friendly towards the Bitcoin transaction. As a result, it will end up putting intense pressure on currencies related to the commodity-dependent. Wood says she would not be surprised if central banks start collecting Bitcoin and other major currencies since they are getting the idea that coins are going down and will be under attack.

Bitcoin Crash

The magnitude of the recent Bitcoin cash is huge than what was expected. According to the report by Glassnode, the all-time high loss is around $4.53 billion. The market of Bitcoin experienced a tremendous price fall of nearly 50%. During the week when Elon Musk tweeted about the halting of using Bitcoin for Tesla purchase, the crypto trading was down by 47%. This has severely raised the question among crypto traders regarding the status of the 2021 bull market.

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