Asset manager Kathy Wood and ESG investors and central bankers have a place in the minds of Tesla CEO Elon Musk because they represent two sides of the battle between all cryptocurrency believers and those who deny it as an asset or rival. Existence.
Wood, one of the largest believers in Bitcoin, is very optimistic about the future of cryptocurrency and has set a $ 500,000 target. Cryptocurrency Exchange Coinbase According to the Barons, Al Arabiya.net is one of the top 10 properties in the ARK Innovation ETF.
Woodwood is on Musk’s mind, which holds great promise in cryptocurrencies, because Tesla has about $ 1.5 billion in bitcoin.
ESG investors, who incorporate sustainability and the environment into their investment decisions, are concerned that Bitcoin is accelerating global warming. It uses a lot of electricity in the bitcoin “mining” process that is obtained by burning coal and natural gas. This section represents the bear’s side of Musk’s mind that recently cited climate concerns, prompting him to stop accepting bitcoin as the currency to buy Tesla cars in March.
Despite this mismatch in Musk’s mind, Wood still sees Musk among the bulls.
Wood believes that the demand for electricity from cryptocurrency mining will provide power generation companies with funds to invest in renewable energy, and that environmental issues will fade as the grid shifts from conventional fuels to renewable energy.
Among Wood and ESG investors, central banks see Bitcoin as highly volatile and unusable. Many central bankers believe that Bitcoin is too volatile to be used globally.
Bitcoin traded close to $ 35,000 last Friday, the same level as it was a week ago.