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.
Regulators Cannot Shut Down Bitcoin, Says Arkâ€™s CEO
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 â€œalready on its way and itâ€™ll be impossible to shut it down.â€ She added that regulators â€œwill be a little more friendly over timeâ€ towards cryptocurrencies due to a fear of missing out (FOMO) on the innovation coming from the crypto sector.
Wood also commented on bitcoinâ€™s environmental impact, stating that â€œHalf of the solution is understanding the problem.â€ She described: â€œThis 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.â€
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. â€œI donâ€™t see how you could ban it â€¦ I think that it would be a foolish thing for the government to try to do that,â€ she opined, noting, â€œI think itâ€™s very difficult to ban something thatâ€™s essentially a peer-to-peer technology.â€
Congressman Patrick McHenry said back in 2019 that bitcoin was â€œunstoppable,â€ adding: â€œWe should not attempt to deter this innovation, and governments cannot stop this innovation and those that have tried have already failed.â€
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 â€œAll of our indicators are saying this is capitulation right now.â€
Do you think regulators can shut down bitcoin? Let us know in the comments section below.
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