Bitcoin Energy is unlikely to cut its long-term path, says Cathie Wood ⋆ ZyCrypto

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Cathie Wood, the founder and CEO of Ark Invest, has shared her stance on Bitcoin’s mining energy consumption, describing it as a minor setback for the asset’s path into the future. She went on to explain that while the energy problem was a major problem, it was temporary.

“It’s healthier to disperse this mining, and a lot of it is coming to the US through renewable energy,” she said.

BTCUSD chart from TradingView

Speaking to CNBC, she admitted that China’s crackdown on crypto miners and traders played a significant role in the decline in the price of bitcoin, but indicated that she would remain optimistic, believing that the price of bitcoin would soon fall would make an extraordinary comeback.

Earlier last month, Elon Musk announced that Tesla would again accept payments in Bitcoin once the miners’ green energy consumption reached 50%. While this remark has been seen as a major trigger for Bitcoin’s decline, it suggests that BTC’s energy consumption is expected to be reduced.

During the interview, Cathie reiterated her confidence in Bitcoin’s future growth as more reputable institutions and investors with great and determined executives had already invested in the asset.

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Her assessment of energy usage comes amid the sustained release of GBTC shares this week, with Ark Invest being a major investor in the Grayscale Bitcoin program.

The investment company currently owns 1.25% with 8,685,452 shares, equivalent to $ 258,913,324, making it the largest shareholder, according to an investor bulletin provided by CNN Business.

J.PMorgan had previously predicted that the continued release of GBTC shares could cause institutional investors to pull back on their investments and lower Bitcoin’s valuation.

During the unlock, FNY Investment, an institution that currently holds some GBTC shares, reportedly reduced its holdings by selling some of its shares from 2,600 to 750 shares while changing its position in Grayscale’s Ethereum Classic Trust from 0 to 20 according to the latest 13F SEC has increased filing report.

Cathie’s energy notes leave investors guessing whether Ark Invest and other investors will sell their GBTC shares as projected by JPMorgan, which believes investors are willing to buy back $ 23,000 as the “fair price” of BTC.

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