Cathie Wood's Bitcoin Claims Are Overheated
A new report backed by the ARK investor, Jack Dorsey and Elon Musk suggests Bitcoin mining can be good for the planet. It’s a dubious argument.
Generating plenty of heat.
Photographer: Andrey Rudakov/Bloomberg
Given the dizzying price of Bitcoin and its increasingly rich and high-profile backers, it was only a matter of time before a cryptocurrency lobby emerged to tell positive stories about an investment still viewed with some suspicion by politicians, regulators and consumers.
Yet even by the standards of crypto-advocates who stick laser eyes on their Twitter avatars and taunt opponents as destined to stay poor, the Kool-Aid served this week in a paper promoting Bitcoin mining as good for the planet — timed for Earth Day — leaves a sour taste.