What ‘hundreds of millions of people misunderstood’ about Bitcoin!

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Two of the hottest trends that have emerged in recent years are institutional investing including bitcoin on their balance sheets and environmental, social, and governance considerations becoming a source of conflict. The subject of whether the two criteria are mutually exclusive gained attention as a result of Elon Musk’s recent statements.

To be sure, many of these rumours have already had an impact on the largest crypto coin’s status. Already, the mining sector has begun to shift away from China and towards the West.

 

Fred Thiel, CEO of Marathon Digital Holdings, in the latest edition of ‘Thinking Crypto’ stated:

“BTC mining industry has already made great progress towards carbon neutrality.”

He added:

‘The aim is to become 100% carbon neutral, rolling 70,000 miners on carbon-neutral power which operate on 100% renewable energy.’

Source: cbeci.org

Here’s an illustration of Bitcoin energy annual consumption (TWh). Keeping in mind the shift the industry is undergoing, does that mean we can anticipate a drop in this graph?

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Thiel further stated:

“ESG is a story, an important story, the story behind which the BTC council was formed- mainly to educate people. Investors, now want to put their money to use in a more environmentally friendly venture.”

However, the cost element enters the picture. Many investors would prefer greener Bitcoin mining, but are unwilling to invest in it.

Is the ESG story about to go away?

Thiel remarked, “Bitcoin was previously associated with terrorism and money laundering, among other things, but gradually everyone saw its potential.” It’s ironic because the US dollar has far more of these criminal operations than Bitcoin.’

Furthermore, he added:

“Yes, no doubt Musk’s tweets added fuel to the fire, however, what people need to understand that Musk stressed the coal mining aspect of Bitcoin which was done in China mostly, but unfortunately the people here misinterpreted it on a massive scale.”

This misconception may have ramifications, including the present bitcoin price consolidation period. The asset’s volatility increased as a result of the price decline. Considering Bitcoin’s planned ETF, would American authorities [SEC] further delay an approval, mostly due to worries about its volatility? According to Thiel:

“I applaud the SEC for taking out time to look into this but the truth is time is running. There’s a lot of interest in these products across the world.”

Canada approved BTC ETFs, and Thiel hopes that this year, a BTC ETF will get approved by the SEC.

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