Monday, October 25

Leading Fund Manager Cathie Wood Addresses Causes of Downgrade in Bitcoin (BTC)

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Lead fund manager Cathie Wood spoke at the Consensus 2021 event organized by CoinDesk. Wood discussed the reasons for Bitcoin’s significant decline recently.

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Wood in his speech “Many institutional acquisitions stalled due to concerns about the environmental impact of bitcoin mining” said. According to him, the ESG movement (environmental, social and managerial issues) and Elon Musk caused Bitcoin’s decline.

Cathie Wood, founder of ARK Investment Management, said that Bitcoin, which has recorded 50% of its value in the last few weeks, is under pressure from institutional investors who are concerned about the environmental profile:

“ESG [çevresel, sosyal ve yönetimsel sorular] movement and this idea, exacerbated by Elon Musk, was accelerated by the thought that there are some real environmental problems with Bitcoin mining.”

After Tesla announced that he would add Bitcoin to his balance sheet and accept Bitcoin for payments, Musk, who revived the markets, later announced that he stopped the payments and reversed his course, which brought prices down significantly.

Wood, “Elon probably got a few calls from the institutions” said. “BlackRock’un [Tesla]I noticed that the number three shareholder of . and Larry Fink is the CEO. It is focused on ESG and especially on climate change. I’m sure BlackRock has logged some complaints and there may be some very large business owners in Europe who are extremely sensitive about this.”

Wood, despite all these negative developments, “global monetary system” He seems confident of the future of Bitcoin, which he describes as He recently reiterated his $500,000 price target for Bitcoin in an interview with Bloomberg.

The fund manager also predicted that central banks will start buying cryptocurrencies for their balance sheets, and Musk will improve the environmental profile of Bitcoin, proving positive for Bitcoin in the long run:

“Musk encouraged much more conversation, much more analytical thinking. And I believe he will be a part of the process.”

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