Cathie Wood Says Janet Yellen Doesn’t Understand Cryptocurrency, Bitcoin Far More Energy Efficient Than Gold

Cathie Wood speaks the truth and Yellen has reason to keep pushing the anti Bitcoin narrative as she is shackled to the criminal, non-federal , Federal Reserve:

Cathie Wood Says Janet Yellen Doesn’t Understand Cryptocurrency, Bitcoin Far More Energy Efficient Than Gold

Janet Yellen… has gone out of her way to telegraph how speculative Bitcoin is and how it’s not environmentally friendly or sustainable and how it helps illicit activity…

I’m not quite sure why she’s saying this. All I know is that she doesn’t understand the crypto space, and I say this with all due respect, I just don’t think it is what she does. She’s responding to a movement in price, that I understand, which has been very rapid. Think about it, I think up fivefold since the end of the third quarter. That’s pretty extreme, so I can understand her saying that.”

Wood also confronts the claim that Bitcoin wastes energy and directs ARK Invest’s 297,000 YouTube subscribers to a white paper by their own Yassine Elmandjra debunking the idea. She asserts that the amount of energy Bitcoin consumes is a fraction of what it takes to mine gold and maintain the traditional financial infrastructure.

“If you compare the energy use of Bitcoin in particular compared to the energy it would take to mine gold, Bitcoin is digital gold, it’s a fraction of it. And then if you want to think about it a little bit more broadly because of course the Bitcoin blockchain and other blockchains are going to enable much more rapid settlement of trades and transactions than the traditional financial institutions, say ten minutes as opposed to a week, or a few days. Think about the energy consumption of the traditional financial world and you’ll see in that chart what Bitcoin is using in terms of energy right now, which is mostly renewable by the way, hydroelectric and other renewables, is again a fraction. It hardly measures up at all to that.”

Full article here: https://dailyhodl.com/2021/03/01/cathie-wood-says-janet-yellen-doesnt-understand-cryptocurrency-bitcoin-far-more-energy-efficient-than-gold/

 

Master Asked on March 2, 2021 in Bitcoin.
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