TechFlow news — Cathie Wood, founder of ARK Investment Management, commented at Consensus 2021 that the rise of Bitcoin is underway and cannot be stopped. Cathie Wood pointed out that Elon Musk and the ESG (Environmental, Social, and Governance) movement were responsible for the recent decline in cryptocurrency prices. She believes Bitcoin dropped by 50% because institutions felt pressure regarding environmental protection. "Elon may have received some calls from institutional investors," said Cathie Wood. "I noticed BlackRock is Tesla's third-largest shareholder, with Larry Fink as CEO. He focuses on ESG, particularly climate change. I believe BlackRock certainly had some complaints, and there may be some very large shareholders in Europe who are highly sensitive to this issue."
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