A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Pho

Ark's Wood says bitcoin ESG push makes solar more appealing

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2021-05-28 08:30:13

A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo

A push toward relying more on renewable energy for bitcoin mining could make the underperforming solar industry more attractive, star fund manager Cathie Wood said at a cryptocurrency conference Thursday.

The value of bitcoin, the world's largest cryptocurrency, has dropped approximately 30% this month due in part to concerns that its negative environmental impacts will discourage companies from adopting it on their balance sheets. Billionaire and Tesla Inc (TSLA.O) Chief Executive Elon Musk said in a May 13 tweet that the electric car maker will no longer accept bitcoin as a form of payment due to the "insane" amount of energy used to produce it.

Ark Invest CEO Wood said in an appearance at Coindesk's Consensus 2021 conference that bitcoin miners switching to renewable energy sources "will encourage an acceleration in the adoption of renewables beyond which otherwise would have taken the place."