What Cathie Wood JUST Said About Bitcoin And The Market

What Cathie Wood JUST Said About Bitcoin And The Market

In this interview, Cathie Wood responds to the persistent fall in Bitcoin caused by China's ban on miners and environmental concerns raised by the Environmental Support Group (ESG). She also predicts a rebound in Bitcoin price similar to what happened in 2017. Please, read below to gain further insight into the discussion.

The combination of China's clampdown on Bitcoin and the ESG concerns that Elon Musk headlined at one point in time. But in 2017, China shut down all of its Bitcoin exchanges and the market went through a big fallout as a result.

This move forced exchanges to migrate to Japan, Korea, and Thailand, which became the bigger beneficiaries then. After that, Bitcoin started to scale from $1,000 to $20,000 in one year.

History may repeat itself. About 60% of Bitcoin mining happened in China. But it's a healthier phenomenon to disperse mining to other places, including the US, and moving towards renewables.

Bitcoin stakeholders have just done paperwork with Square and will hold a conference on July 21 to explain how Bitcoin mining will probably become part of utility ecosystems and would proliferate renewables faster than would otherwise be the case.

Elon Musk and Tesla will be part of the ecosystem. So, the Bitcoin correction is temporary because institutions pulled back because of ESG concerns, which will be resolved soon. The upcoming conference will reveal the importance of Bitcoin in terms of ESG governance with transparency and social justice and global economic empowerment.

Once many of the big names and mega caps have been hit, the best opportunities now are what is regarded as 'Stay at home stocks' such as Tesla, Roku, Shopify, Square, Zoom, and more.

Such stocks are gaining attention because coronavirus has changed the world dramatically and permanently. Hence, consumers and businesses find a faster, cheaper, more creative, and more productive way of achieving their goals. They're not going back to the old world.

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