Benzinga | Aug 2, 2021 02:54AM EDT

Cathie Wood's Ark Says Bitcoin Recovery Seems To Have Been Catalyzed By Elon Musk

Cathie Wood-led Ark Invest said Monday that Bitcoin's (CRYPTO: BTC) recovery had a catalyst in the form of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk.

What Happened: Ark said in its market commentary newsletter that "Bitcoin's recovery appears to have been catalyzed by Elon Musk, who has alleviated concerns about the impact of mining on the environment."

The investment management company noted that Musk touched on a "positive shift toward renewables as energy sources" for Bitcoin during The B Word Conference.

That conference also saw the participation of Wood and Twitter Inc (NYSE:TWTR) and Square Inc (NYSE:SQ) CEO Jack Dorsey.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Wood has been loading up recently on Bitcoin play Coinbase Global Inc (NASDAQ:COIN), which as of press time was among the top ten holdings of the flagship Ark Innovation ETF (NYSE:ARKK).

Grayscale Bitcoin Trust (OTC:GBTC) is also among the top three holdings of the ARK Next Generation Internet ETF (NYSE:ARKW)

See Also: Cathie Wood At 'B Word' Conference: Bitcoin Has ESG Potential

Musk also revealed at the conference that not only do Tesla and SpaceX -- the companies he heads -- hold cryptocurrencies, but so does he in a private capacity.

Tesla could resume accepting Bitcoin soon was another major revelation made by Musk at the event that took place last month.

Bitcoin's upwards momentum was further fueled by a short squeeze, which propelled the apex cryptocurrency towards the $40,000 mark. At press time, BTC traded 4.81% lower over 24 hours at $39,757.70.

Read Next: Is Now The Time To Buy Ethereum As London Hard Fork Draws Closer?

Photo by Steve Jurvetson on Flickr