Female stock god: Promoting the use of green energy in Bitcoin mining may benefit the photovoltaic industry

Pushing bitcoin mining to use more renewable energy could make the underperforming solar industry more attractive, Wall Street fund manager Cathie Wood said at a cryptocurrency conference hosted by Coindesk on Thursday.
Wood: If renewable energy is used for mining, it may be good for the solar energy industry. The price of Bitcoin has fallen by about 30% this month, partly because people are worried that its mining activities consume a lot of electricity and have a negative impact on the environment, which will hinder companies from including it in their balance sheets.
On May 13, Tesla CEO Elon Musk tweeted that Tesla would no longer accept Bitcoin as a payment method because the energy consumed in the production of Bitcoin is "astonishing." This news caused Bitcoin to plummet from its highs. At the beginning of the year, it was Musk's announcement that Tesla would accept Bitcoin as a payment method that drove a surge in digital currencies such as Bitcoin, because this was interpreted as a signal that large companies were more accepting of digital currencies such as Bitcoin.
But Wood said at Thursday's conference that if bitcoin miners switched to renewable energy, it would encourage the acceleration of renewable energy development.
Wood believes this will make the solar industry more attractive. However, Ark currently does not invest in solar stocks because it is unclear whether the industry can be profitable within five years without subsidies.
“Solar energy is still largely undecided, but this movement could change that,” Wood said. “So I’m really excited.”
Musk's tweet on Monday may have hinted at a similar signal. Musk wrote on Twitter on Monday: "I talked to North American Bitcoin miners and they promised to disclose current and planned renewable energy usage and require miners around the world to do the same. This may be promising."

After a brief rally last year, solar stocks have severely underperformed the broader market this year. The Invesco Solar ETF, for example, has fallen nearly 23% so far this year, while the S&P 500 has risen nearly 12% over the same period.

Invesco Solar ETF has performed poorly so far this year. Last year, Wood's Ark Innovation ETF was the best performing U.S. stock fund throughout the year. Last year, she made a big investment in stocks such as Zoom and Tesla that soared during the epidemic, which made her famous.
However, this year, the performance of the Ark Innovation ETF has been stagnant since the beginning of the year, as value stocks have significantly outperformed the market this year. Value stocks usually refer to economic cyclical stocks such as financials and energy, while Ark prefers technology growth stocks. The Ark Innovation ETF has fallen nearly 30% from its peak in early February and has fallen more than 10% so far this year.
Wood remains firmly optimistic about Bitcoin Wood has also been a staunch supporter of cryptocurrencies and has predicted that Bitcoin will eventually rise to $500,000. However, Bitcoin has been experiencing a decline recently, even halving from its historical high reached in April, and hovering above $38,000 as of press time.

Still, Wood remains a firm crypto bull, saying Ark has hired an Ethereum miner to its analyst team as part of its expanding focus on cryptocurrencies.
She also predicted that deflation would put pressure on the currencies of some commodity-reliant emerging market countries, boosting the value of Bitcoin.
“I wouldn’t be surprised if some emerging market central banks start to stockpile Bitcoin or other cryptocurrencies once they realize their currencies are losing value,” she said.