ARK Investment Management’s Cathie Wood criticizes Elon Musk and the ESG investors for the latest crypto crisis and concerns about Bitcoin prices going down. Cathie Wood Criticizes Elon Musk For Latest Crypto Crisis The founder of ARK Investment Management, Cathie Wood said, that institutional investors are concerned about Bitcoin’s environmental impact, which has seen its value drop by up to 50% in recent weeks. According to recent reports, the electricity consumption of crypto mining is equivalent to that of certain medium-sized countries, and much of it is coal-powered; crypto bulls have disputed such results. Bitcoin is unpredictable even under the best of conditions, but the recent drop was spurred by Musk’s tweet on May 12 that Tesla Inc. will cease taking Bitcoin as payment for its cars, citing excessive fossil-fuel consumption in crypto mining. Musk has subsequently stated that he is collaborating with developers and miners to build more environmentally friendly crypto-mining techniques. Since then, certain cryptocurrencies, including Bitcoin, -0.87%, have lost more than half of their value from recent highs. Larry Fink, CEO of BlackRock “is concerned about ESG, particularly climate change,” she stated. “I’m sure BlackRock had some concerns, and probably some very large investors in Europe are really sensitive to this.” The Presence Of A Deflationary Environment In recent years, as socially responsible investing has gained popularity, investors have flocked to ESG – environmental, social, and governance – themed assets. Bitcoin prices have risen 13% in the last five days after plummeting last weekend, but are still down nearly 30% in the previous month. According to Kraken statistics, Ethereum, -0.19 % is up more than 30% this week, and Dogecoin, 0.49 % is up 11%; both have seen minor increases over the last month.
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