Can Renewable Energy Save Bitcoin's Reputation?

There were a handful of events that helped Bitcoin (CRYPTO: BTC) run to nearly $70,000 last year. Some of the highlights from 2021 that propelled it to new highs included Elon Musk publicly supporting Bitcoin, Tesla announcing that it would accept Bitcoin as payment, the SEC approving a Bitcoin futures ETF on the Chicago Mercantile Exchange, and the country of El Salvador making it legal tender. 

However, not all of 2021 was sunshine and rainbows for the world's most valuable cryptocurrency. 

Bitcoin struggled when the Chinese government announced that financial institutions were forbidden to offer any kind of crypto-related product in May 2021. The prospect of future regulation also sent fear through the market when SEC Chairman Gary Gensler postulated that investor protection laws should apply to crypto exchanges as well.

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Source Fool.com