Bitcoin prices have tumbled recently thanks in part to a crackdown from China, but Ark Invest's Cathie Wood remains bullish on the cryptocurrency. She said Wednesday on CNBC's "Closing Bell" that between 50% and 65% of bitcoin mining happens in China, noting that it's a "healthier phenomenon to disperse" some of the mining. That includes moving some of the production to the U.S., as well as incorporating a larger portion of renewable power in bitcoin generation. "Bitcoin mining will probably become part of utility ecosystems, and will proliferate renewables faster than would otherwise be the case," she said, adding "we're pretty excited by that." At the end of June, Ark Invest filed with the Securities and Exchange Commission to create its own bitcoin exchange-traded fund. The filing states that the fund's investment objective is to track the performance of the digital currency. Whether the fund gets regulatory approval remains to be seen. SEC Chairman Gary Gensler has called for more regulation of cryptocurrency exchanges , as well as protection for investors . Ark may be the latest firm to announce plans for a bitcoin ETF, but it's not the only one, with at least eight other bitcoin funds proposed. In the meantime, Wood has gained exposure to bitcoin through holdings including Coinbase and Grayscale Bitcoin Trust. Bitcoin traded around $32,848 on Wednesday, well below its all-time high above $60,000. Environmental concerns have also pressured prices recently. In May, Tesla CEO Elon Musk said the company would no longer accept car purchases via bitcoin , due to environmental concerns. More recently, Musk said Tesla will once again resume bitcoin transactions when there's "confirmation of reasonable (~50%) clean energy usage by miners with positive future trend." On the other hand, Wood argues that bitcoin actually looks attractive from an ESG standpoint, referring to environmental, social and governance factors. "There could be nothing better than bitcoin in terms of ESG governance with the transparency," she said. On the "S" front, she said the cryptocurrency enables economic empowerment, while in terms of environmental impact a shift to renewable energy is underway. "The bitcoin community is very environmentally conscious," Wood said. Digiconomist said earlier this year that bitcoin produces 36.95 megatons of carbon dioxide annually, giving it an environmental footprint comparable to that of New Zealand. - CNBC's Maggie Fitzgerald contributed reporting.
Bitcoin prices have tumbled recently thanks in part to a crackdown from China, but Ark Invest's Cathie Wood remains bullish on the cryptocurrency.