CEO of Ark Investment, Cathie Wood, is certain that the industry will increasingly shift to solar and wind power and because of this, Bitcoin will one day reach $500,000.
Summary
Cathie Wood’s predictions for Bitcoin’s price and mining
Cathie Wood, CEO of the investment firm Ark Investment, predicts that in the future renewables will account for an increasing percentage of the energy that powers the mining sector, and because of this she is boldly predicting that one day Bitcoin will reach a price of $500,000.
Important research from @skorusARK on #Bitcoin’s potential role in transforming methane emissions into bitcoin mining that will turbocharge electricity generated by solar and wind. @skorusARK https://t.co/6cgxGHNcJZ
— Cathie Wood (@CathieDWood) July 26, 2022
The founder and CEO of Ark, a company with $50 billion in assets under management, is convinced that renewable energy will solve the world’s climate problems.
Brett Winton, director of research at ARK Invest, wrote in a blog post:
“Bitcoin critics often assert that bitcoin mining consumes more resources, specifically energy, than the benefits it creates. Critics also assert that the computation required to secure Bitcoin, even if necessary, is environmentally damaging and ruining the planet. We believe that the opposite is true”.
Wood believes that Bitcoin mining could help increase the overall share of clean energy by driving investment in solar and wind power systems.
bitcoin mining at every well-head
integrated into every renewable energy system
capitalizing upon every stray therm and wayward electronbitcoin as an energy tool: an imperiling development for the pure-play datacenter miners. https://t.co/UEzsgmbnLH
— Brett Winton (@wintonARK) July 25, 2022
Cathie Wood states that:
“Half of the solution is understanding the ‘problem’. I think that we’re probably going to see the scaling out of solar because of bitcoin mining much faster now than we would have seen without this controversy”.
Ark Investment and Square’s report on the future of Bitcoin
In April, Ark Investment and Square, Jack Dorsey‘s blockchain company, produced a report titled “Bitcoin is the key to a clean and abundant energy future”, which argued that Bitcoin could have:
“network functions as a unique energy buyer that could enable society to deploy substantially more solar and wind generation capacity”.
Reporting the findings of a study by Bret Winton, the fund’s research director, the report also explained that crypto mining pollutes less than gold mining or the entire banking system.
