Ark Invest founder: Bitcoin will become greener than the traditional financial services sector

July 22, 2021

Ark Invest founder Bitcoin will become greener than the traditional financial services sector
Bitcoin will eventually become greener than the traditional financial services and gold mining sectors. Ark Invest founder Katie Wood said this at The B Word conference.

"In many ways it already is. And it's only going to get better," she added.

According to Wood, most institutional investors support ESG principles. She noted that the first cryptocurrency could become meaningful from a social perspective, as it would provide access to payment technology to residents in unbanked regions.

The founder of Ark stressed that the social dimension of digital gold is much broader than what is commonly understood in the community. She drew attention to the transparency of blockchain and its ability to hedge declining purchasing power.

    "Saving them [people] from declining purchasing power is certainly a noble social goal," she added.

Joining Wood at the event were Jack Dorsey and Ilon Musk. The latter revealed that he personally owns Bitcoin, Ethereum and Dogecoin. He also announced SpaceX's investment in the first cryptocurrency.

Musk noted that Tesla may have negatively impacted the growth of the digital gold network's electricity consumption. Following the company's investment in the asset, its price reached a new all-time high.

    "Since Tesla announced that it had acquired bitcoin and was participating in bitcoin transactions, there has been a significant increase in the price and also an increase in the amount of energy consumed for mining," he said.

Musk stressed that he has a good understanding of renewable energy. He said green initiatives will not make cryptocurrency mining "clean as snow", but production should not be powered by "the world's dirtiest coal".

In May, Tesla suspended sales of electric cars for digital gold because of concerns about the sustainability of mining. Musk said the company was "likely to resume payments in BTC".

Dorsey was more reticent about ESG-related issues, but said bitcoin would "help create world peace". He said the current financial system was distracting society from more important issues.

   "I think the idea is to have money that is reliable and independent of the state. The fact that they can be checked by anyone, including the state, corporations, developers and individuals, is very powerful," he added.

Earlier, Dorsey said Square would launch a business aimed at creating an open platform for developers of non-custodial, inclusive and decentralised financial services.

As a reminder, the payment company is working on a hardware wallet and bitcoin storage service.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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