In recent weeks, Elon Musk – the South African entrepreneur behind billion-dollar companies such as Tesla and SpaceX – has been taking a lot of flack regarding his stance on bitcoin and his alleged role in the asset’s downfall, but according to Cathie Wood of Ark Invest, Musk is going to prove to be one of the most positive figures in the crypto space in the coming future.
Elon Musk May Be a Big Part of Crypto in the Future
Musk has been highly controversial as of late given that he was quick to rescind his decision of accepting bitcoin payments for Tesla-based goods and services. In addition, he had also hinted that he was in the mood to sell at least some of his personal bitcoin stash. Both events ultimately caused the currency to experience heavy drops in price, and Musk has been at the center of a lot of anger and criticism amongst digital currency fans on Twitter and other social platforms.
But according to Cathie Wood, Musk has done great things for bitcoin and the crypto space in that he has gotten people talking more than they ever have about digital assets, and she is confident that he will go down in history as one of the biggest pushers of the crypto agenda. Ultimately, Wood believes that Musk – along with several institutional figures in positions like his – were thrown off by the constant narrative that bitcoin and crypto projects threaten Earth’s atmosphere in some way.
At a recent conference, she explained:
It was precipitated by the ESG [environmental, social and governance] movement and this notion, which was exacerbated by Elon Musk, that there are some real environmental problems with the mining of bitcoin. A lot of institutional buying went on pause.
She also stated that she believes this idea was largely pushed by figures such as Larry Fink, the CEO of Black Rock. She claims that Fink has done all he can to push climate change theories and that his company has largely focused on climate-based investing strategies.
Overall, however, she believes that a lot of people are talking about bitcoin now thanks to Elon Musk. He is someone that a lot of people are listening to, and she believes that crypto’s agenda will grow partly because he has become such an integral figure in the digital asset space. She claims:
He has encouraged a lot more conversation, a lot more analytical thinking, and I do believe he is going to become a part of the process.
More Banks Will Become Accepting
She is also convinced that bitcoin will ultimately become so big that many centralized banks will add the currency to their balance sheets. She mentions:
I would not be surprised if some of these emerging-market central banks start accumulating bitcoin and other cryptocurrencies because they know their currencies are going down.