From Wall Street to Main Street, the recent drop in Bitcoin and other cryptocurrencies has left investors puzzled.
Wondering who is responsible for this?
Well, ARK Invest CEO Cathie Wood holds Elon Musk and the “ESG movement” responsible for the price drop in cryptocurrencies.
“It was precipitated by the ESG [environmental, social and governance] movement and this notion, which was exacerbated by Elon Musk, that there are some real environmental problems with the mining of bitcoin,” said Wood, during CoinDesk’s Consensus 2021 conference. “A lot of institutional buying went on pause.”
Bitcoin has been getting whiplash for its energy consumption. A recent analysis from Cambridge University suggested that Bitcoin used more electricity than the country of Argentina.