Elon Musk says Tesla is no longer planning to accept payment in bitcoin citing the environmental impact of cryptocurrency mining. In todays video we look at the latest research from ARK Invest and Square titled “Bitcoin is Key to an Abundant, Clean Energy Future”. Are Cathie Wood and Jack Dorsey right about the bitcoin green revolution, or is Elon Musk right?
The white paper Square and ARK Invest ($ARKK) published this week aims to justify bitcoin’s energy use and explain how it could be the key to a future of clean energy.
Square, a fintech founded by Twitter CEO Jack Dorsey, has invested $220 m in bitcoin, and profits from bitcoin trading. Elon Musk has drawn criticism for putting $1.5 bil of Tesla’s cash in Bitcoin and for tweeting about dogecoin. ARK Invest, meanwhile, has been predicting since 2019 that blockchain’s economic impact could be as significant as that of electricity and offers cryptocurrency investing as one of its alternative strategies.
So let’s allow these guys to explain for us: why is bitcoin key to a clean energy future?
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