Ark Invest CEO Wood says bitcoin miners switching to renewable energy sources will be good for environment
May 28, 2021, 7:54 am

bitcoin

FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021.

REUTERS/DADO RUVIC/FILE PHOTO

David Randall

A push toward relying more on renewable energy for bitcoin mining could make the underperforming solar industry more attractive, star fund manager Cathie Wood said at a cryptocurrency conference Thursday.

The value of bitcoin, the world's largest cryptocurrency, has dropped approximately 30% this month due in part to concerns that its negative environmental impacts will discourage companies from adopting it on their balance sheets. Billionaire and Tesla Inc Chief Executive Elon Musk said in a May 13 tweet that the electric car maker will no longer accept bitcoin as a form of payment due to the "insane" amount of energy used to produce it.

Ark Invest CEO Wood said in an appearance at Coindesk's Consensus 2021 conference that bitcoin miners switching to renewable energy sources "will encourage an acceleration in the adoption of renewables beyond which otherwise would have taken the place."

That could make the solar industry more attractive, Wood said. Ark does not currently invest in solar stocks because it is not clear that the industry could be profitable within five years without subsidies, she said.

"We have not really been able to say that in a big way about solar, this dynamic might change that. So I'm actually quite excited about it," Wood said.

Solar stocks are badly underperforming the broad stock market after rallying last year. The Invesco Solar ETF, for example, is down nearly 23% for the year to date, while the benchmark S&P 500 index is up nearly 12%.

Wood, whose Ark Innovation ETF was the best-performing U.S. equity fund in 2020, became a household name last year through her outsized bets on stocks that thrived during the pandemic such as Zoom Video Communications Inc and Tesla.

Yet her performance has stagnated since the beginning of the year as value stocks, which tend to be in cyclical sectors of the economy like financials and energy, have outperformed.

Wood’s flagship fund is down nearly 30% from its peak in early February and is down slightly more than 10% for the year.

Wood, one of Wall Street's most noted cryptocurrency bulls, has said that she expects bitcoin to eventually reach $500,000. The cryptocurrency traded around $39,500 Thursday.

Ark has hired an ether miner on its analyst team as part of an expanding focus on cryptocurrencies, Wood said on Thursday, while predicting that deflation will lift the value of bitcoin by putting pressure on the currencies of commodity-dependent emerging market countries.

"I wouldn't be surprised if some of these emerging market central banks start accumulating Bitcoin and other currencies because they if they know their currencies are going down ... they will be under attack as reserves go down," she said.

(Reporting by David Randall; Editing by Marguerita Choy)

Reuters, MAY 27, 2021 / 7:43 PM EDT EEST

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”