While Bitcoin (BTC) increasingly falls nether the scrutiny of regulators worldwide, Ark Investment founder and CEO Cathie Forest is confident that regulators will be unable to shut down the world's largest cryptocurrency.

Wood said that Bitcoin is "already on its way and it'll exist incommunicable to shut information technology downward," Bloomberg reported on Th. Global regulators "will be a little more than friendly over fourth dimension" toward cryptocurrencies due to the fear of missing out on opportunities provided by the industry, she said at CoinDesk's Consensus 2021 briefing.

The contempo regulatory pushback confronting Bitcoin in Europe, the The states and China contributed to a slump in Bitcoin markets, but the primary trigger for institutions pausing Bitcoin purchases were the mining-related ecology concerns escalated by Tesla CEO Elon Musk, she said.

Earlier this month, Musk hinted that he may dump Tesla's $1.5-billion BTC holdings due to the "speedily increasing utilize of fossil fuels for Bitcoin mining and transactions, specially coal."

"One-half of the solution is agreement the trouble," Wood said, noting that miners in North America are willing to prioritize renewable sources of energy for Bitcoin mining. This will "bring that topic into stark relief and volition encourage an acceleration in the adoption of renewables beyond which otherwise would have taken the identify," she said. Previously, an Ark Investment report stressed that Bitcoin mining tin bulldoze investment in solar ability and boost renewable energy.

Wood'south comments come every bit Bitcoin failed to agree above $40,000 after rebounding to the price mark on Wednesday. At publishing time, Bitcoin is trading at $36,000, downwards over 8% on the day.