Bitcoin’s price crash caused by ESG movement, says Ark’s Cathie Wood
Speaking to Coindesk’s Consensus 2021 conference, the influential fund manager said ESG concerns over Bitcoin s energy use, exacerbated by the antics of Elon Musk, had put a lot of institutional buying on pause
The growing number of ESG-focused investors were responsible for the recent crash in the price of Bitcoin and the wider crypto market, according to comments made by the influential fund manager and the founder of Ark Investment Management Cathie Wood.
Speaking to Coindesk’s Consensus 2021 conference late on Thursday, Wood said Bitcoin had come under pressure from institutional investors amid growing concerns about the environmental impact of mining the digital currency, an issue that has been exacerbated by high-profile actors such as Tesla boss Elon Musk, who recently stopped the company accepting payments in Bitcoin citing its effects on energy use.