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Cathie Wood: renewable energy will turbocharge mining
Cathie Wood: renewable energy will turbocharge mining
Mining

Cathie Wood: renewable energy will turbocharge mining

By Vincenzo Cacioppoli - 28 Jul 2022

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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.

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.

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.

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.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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