Cathie Wood-led Ark Invest said Monday that Bitcoin’s (CRYPTO: BTC) healing had a driver in the form of Tesla Inc (NASDAQ: TSLA) CEO Elon Musk.
What Took place: Ark stated in its market commentary newsletter that “Bitcoin’s healing appears to have actually been catalyzed by Elon Musk, who has actually eased concerns about the impact of mining on the environment.”
The investment management business noted that Musk touched on a “favorable shift toward renewables as energy sources” for Bitcoin throughout The B Word Conference.
That conference likewise saw the participation of Wood and Twitter Inc (NYSE: TWTR) and Square Inc (NYSE: SQ) CEO Jack Dorsey.
See Likewise: How To Purchase Bitcoin (BTC)
Why It Matters: Wood has actually been packing up recently on Bitcoin play Coinbase Global Inc (NASDAQ: COIN), which since press time was amongst the leading ten holdings of the flagship Ark Development ETF (NYSE: ARKK).
Grayscale Bitcoin Trust (OTC: GBTC) is likewise amongst the leading 3 holdings of the ARK Next Generation Internet ETF (NYSE: ARKW)
See Also: Cathie Wood At ‘B Word’ Conference: Bitcoin Has ESG Prospective
Musk likewise revealed at the conference that not only do Tesla and SpaceX– the companies he heads — hold cryptocurrencies, however so does he in a personal capacity.
Tesla could resume accepting Bitcoin quickly was another major revelation made by Musk at the event that happened last month.
Bitcoin’s upwards momentum was more sustained by a brief squeeze, which moved the peak cryptocurrency towards the $40,000 mark. At press time, BTC traded 4.81% lower over 24 hours at $39,757.70.
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Image by Steve Jurvetson on Flickr