The CEO of Ark Investment Management (Ark Invest), Cathie Wood, says regulators cannot shut down bitcoin. She added that they will become more friendly towards cryptocurrencies over time. Wood is not the only one who thinks that governments cannot shut down bitcoin.
Ark Invest CEO Cathie Wood shared her view on bitcoin, its regulation, and environmental impact at the Consensus 2021 conference Thursday.
The CEO said that bitcoin 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” towards cryptocurrencies due to a fear of missing out (FOMO) on the innovation coming from the crypto sector.
Wood also commented on bitcoin’s environmental impact, stating that “Half of the solution is understanding the problem.” She described: “This auditing of what miners, certainly in North America, are willing to do around how much of their electricity usage is generated by renewables is going to bring that topic into stark relief, and will encourage an acceleration in the adoption of renewables beyond which otherwise would have taken the place.”
Early this week, Tesla CEO Elon Musk announced that he met with North American bitcoin miners in a close-door meeting hosted by Microstrategy CEO Michael Saylor. The miners have agreed to form a Bitcoin Mining Council to promote renewable energy usage in bitcoin mining.
Wood is not the only one who believes that governments cannot shut down bitcoin. SEC Commissioner Hester Peirce said banning bitcoin is like shutting down the internet. “I don’t see how you could ban it … I think that it would be a foolish thing for the government to try to do that,” she opined, noting, “I think it’s very difficult to ban something that’s essentially a peer-to-peer technology.”
Congressman Patrick McHenry said back in 2019 that bitcoin was “unstoppable,” adding: “We should not attempt to deter this innovation, and governments cannot stop this innovation and those that have tried have already failed.”
Last week, the CEO of Ark Invest reaffirmed her bitcoin price prediction, stating that her firm still sees the price of BTC reaching $500K. She further emphasized that that “All of our indicators are saying this is capitulation right now.”
Do you think regulators can shut down bitcoin? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
24World Media does not take any responsibility of the information you see on this page. The content this page contains is from independent third-party content provider. If you have any concerns regarding the content, please free to write us here: contact@24worldmedia.com
