Ark Invest has termed Elon Musk’s environmental concerns about bitcoin mining as “misguided,” according to the Markets Insider. Analyst Yassine Elmandjra says bitcoin can enhance green-energy revolution and contribute positively to the environment.
Elmandjra feels bitcoin mining can positively impact renewable energy by transforming unreliable power sources into baseload generation through storage.
The analyst believes renewables can only meet 40% of the power needs which can rise to 99% with commercial “subsidies” when bitcoin mining is deployed.
Elmandjra comments come when Musk has recently announced Tesla will not accept bitcoin payments for its cars on environmental concerns, sending the digital token lower.
Bitcoin is currently declining. BTCUSD is down 8.28%
