Amidst the scrutiny that Bitcoin (BTC) has been receiving from legislators worldwide, Ark Investment founder and CEO Cathie Wood voices her optimism regarding Bitcoin’s longevity.
Wood told Bloomberg on Thursday that Bitcoin is “already on its way and it’ll be impossible to shut it down.” She said that the global regulators will eventually warm up to cryptocurrencies, since they would miss out on the opportunities provided by the industry if they continue to reject it.
Bitcoin has been experiencing regulatory pushback in Europe, the US and China, causing its market to take a nose dive. However, the main contributor behind Bitcoin’s market slump was the Bitcoin mining environmental concerns that Tesla CEO Elon Musk publicly raised.
Wood said “half of the solution is understanding the problem.” She noted that North American miners are willing to prioritize renewable sources of energy for Bitcoin mining.
A report by Ark Investment stated that Bitcoin can encourage investment in solar power and increase renewable energy.