Although many people are concerned about the way governments and regulators want to regulate the cryptocurrency market, many people are convinced of one thing: no one can shut down Bitcoin (BTC).
One such person is Changpeng Zhao, CEO of Binance, the largest cryptocurrency exchange in the world. He said the following during Consensus 2021, a Coindesk virtual conference:
“I don't think anyone can shut it down now, as this technology, this concept, is in the minds of 500 million people. You can't erase that. Cryptocurrencies are just a new tool that can increase the freedom of money around the world. I don't see them as competing with regulators and there is a way we can work together.”
Cathie Wood, CEO and founder of Ark Investment, a large investment company with $ 5 billion in assets under management, also calls it impossible at the same conference.
Wood says she remains “extremely bullish” on bitcoin and that it will be “impossible for regulators to shut it down.” The CEO also expects regulators to “become more friendly” with regard to crypto in the course of time. They will be afraid of missing the boat.
Wood further reports that the fear, uncertainty & doubt (FUD) surrounding Bitcoin’s energy consumption, fueled by Elon Musk, caused the recent crash.
“It was sped up by the ESG [environmental, social and governance] movement and this idea that there are some real environmental issues with bitcoin mining that was exacerbated by Elon Musk. Many institutional purchases were interrupted. Elon probably got a few calls from institutions. I noticed that BlackRock is the third shareholder of [Tesla] and Larry Fink is the CEO. He is focused on ESG and especially on climate change. I am sure BlackRock has registered some complaints and there may be some very large holders in Europe who are extremely sensitive to this. ”