Michael Saylor and Changpeng Zhao, among others, have stated their opinions about Bitcoin on Twitter. According to several studies, Bitcoin mining is mostly based on the use of renewable energy.
In recent days, the international Bitcoin community has commented on a decision of Tesla and its co-founder Elon Musk. They stopped the trading of electric vehicles with Bitcoin (BTC) and questioned the mining of the cryptocurrency for its alleged negative environmental impact.
MicroStrategy CEO Michael Saylor and Binance exchange CEO Changpeng Zhao, among other personalities, issued their opinions. They questioned Musk’s unexpected turnaround in the main cryptocurrency on the market. The Elon and Tesla announcement negatively affected both the price of BTC and that of the TSLA stock.
“Elon may not have researched how much power is required to execute the currencies that Tesla accepts,” Zhao said on Twitter. Tesla and Musk’s new position on Bitcoin attracted the attention of international media. In April, the businessman stated that Bitcoin encourages the use of renewable energy.
Saylor considers that Musk’s new viewpoint is ironic in that it is not necessary to use “incremental energy in a transaction with Bitcoin.” MicroStrategy’s CEO explained that is only necessary to use enough power to secure the network as a whole. In addition to that, he said that the consumption of fossil fuels to mine Bitcoin will have a negative impact over time.
Bitcoin Mining Is One of the “Greenest” Industries on the Planet
Anthony Pompliano, the founder of Morgan Creek Digital Assets, was another personality who questioned Musk’s knowledge of Bitcoin. The Bitcoin entrepreneur said that the arguments of Tesla’s executive are just part of a body of opinion that has grown over time.
“Do you realize that 75% of [Bitcoin] miners use renewable energy, Elon? This energy story has been debunked over and over again,” Pompliano said on Twitter. The enthusiast and podcaster referred to a study published in 2018. Researchers at CoinShare Research determined that Bitcoin mining is one of the “greenest” industries on the planet.
Replacing Gold with Bitcoin and Other Cryptocurrencies Will Help the Environment
Entrepreneur Mark Cuban, owner of the Dallas Mavericks in the NBA, also expressed his opinion on Musk and Tesla’s new viewpoint. The billionaire investor assured that his basketball team will continue to accept Bitcoin and other cryptocurrencies as they represent a store of value.
“The Mavericks will continue to accept Bitcoin, Ether (ETH) and Dogecoin (DOGE) as replacing gold as a store of value will help the environment. The reduction in the use of large banks and fiat currencies will benefit society and the environment,” according to Cuban.
Before Musk began to criticize Bitcoin mining, Tesla decided to enter the renewable fuel credit program. The company would take advantage of President Joe Biden’s policy to achieve the goal of zero polluting emissions thanks to biogas.
It is relevant to do personal research on cryptocurrencies before giving an opinion about them or investing in them. Several studies have already indicated that most Bitcoin miners use renewable energy.
By Alexander Salazar