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Could bitcoin going green boost solar investment?

A push toward relying more on renewable energy for bitcoin mining could make the underperforming solar industry more attractive, according to star fund manager Cathie Wood. Maha Albadrawi has more.

Could bitcoin and solar energy be each other’s saviors?

When concerns were raised over the environmental impact of bitcoin mining, the value of the world’s biggest cryptocurrency took a big hit – down 30% in May.

Tesla CEO Elon Musk said the company will no longer accept bitcoin, and there are concerns others will follow suit.

But a switch to renewable energy for bitcoin mining could turn its fortunes around – and that of the solar industry.

That’s an opinion voiced by star fund manager Cathie Wood, one of Wall Street’s most noted cryptocurrency bulls.

The Ark Invest CEO said that bitcoin miners switching to renewables “… will encourage an acceleration in the adoption of renewables.”

This could make the solar industry more attractive.

Solar stocks have been badly underperforming on the broad stock market after rallying last year.

Ark does not currently invest in solar stocks because, according to Wood, it is not clear that the industry could be profitable within five years without subsidies.

Wood has said that she expects bitcoin to eventually reach $500,000,

and Ark has hired an ether miner on its analyst team as part of an expanding focus on cryptocurrencies.

She’s not alone in her thinking.

Reuters interviewed more than a dozen crypto specialists.

They said that Tesla could itself take an active role in helping make bitcoin greener –

by investing in new projects aimed at boosting the use of renewable energy in mining.

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