Bitcoin will be greener than the traditional financial sector and the gold mine industry. Cathie Wood, Ark Invest founder, said this at the B-Word conference.
Wood claims that most institutional investors agree with ESG principles. Wood said that the initial cryptocurrency could have a significant social impact since it will be able to provide payment technology access to those who are not served by traditional banks.
Bitcoin will be greener and more efficient than traditional financial services
Ark’s founder stressed the importance of the social component to digital gold. This is something that is not commonly understood in the community. She also highlighted the transparency of the Blockchain and its ability to secure the decline in purchasing powers.
ARK Investment is an investment company that invests in shares of Grayscale Bitcoin Trust. These trusts are backed with bitcoin.
Cathie Wood’s firm owns 9,000,000 shares of GBTC (worth US$ 235 million) as well as 1,000,000 shares of Coinbase (worth US$ 240 millions).
MicroStrategy CEO Michael Sailor presented data in June from the Bitcoin Mining Council (BMC). According to this data, the percentage of “green” mining was over 56%.
Realated: Capital Group Acquires 12% Stake At MicroStrategy
Elon and Jack Dorsey joined Wood in taking part in the events. He claimed that he owns Bitcoin, Ethereum, and Dogecoin. He also announced that SpaceX, a space company, had invested in the first cryptocurrency.
Musk observed that Tesla could negatively influence the growth and consumption of electricity by the digital golden network. The company invested in the asset to increase its value, which reached a historical high.
Tesla pulled the plug on sales of electric vehicles to digital gold in May because of concerns about how mining impacts the environment. Musk indicated that Tesla is likely to resume payments for Bitcoin.
Musk’s words were echoed by Dorsey, who said that Bitcoin is fueling a lot more energy innovation.
Dorsey expressed more caution on ESG issues but said that bitcoin would “help create world peace.”
I believe that the idea is to have reliable and independent of the state money. The fact that everyone can check them, including the state, corporations, developers and individuals, is very powerful.
he added.
Square, Jack Dorsey’s payment firm, published a report on its first quarter of 2021. It showed that income from bitcoin investments was $3.5Billion, and gross profit from crypto investments was only $ 75M.
Related: Square Acquires $170 Million More In Bitcoin To Increase Crypto Holdings
Square made its first bitcoin investment in February 2021. The company purchased a cryptocurrency in February 2021 for $ 170,000,000 at an average value of $ 51,000.
It also bought bitcoin back in October 2020. Square currently holds approximately 5% of its total reserves of cryptocurrency.
Read Also: Amazon Will Accept Bitcoin Payments This Year
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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