A Green Crypto Future for Mainstream Adoption?
We're having another little bloodbath today. I woke up to another shit storm in the markets with everything falling. After a brief pushback upwards it's falling more. So what's going on? Why are the negative Nelly's on crypto keeping it down?
Expected levels aren't being held, people are worried.
In the "sell the negative news" category, there is the Bank of Japan's Kuroda who is putting some negatives on BItcoin itself saying its “barely used as a means of settlement.” There were also some rumors about Korean regulators cracking down on crypto which spooked some people apparently.
All the hacking going on and defi, which is pretty much only happening on the Binance side chain, is also a reason for concern for many. It makes crypto look unstable and unsafe to put your money into. But these people who think this way don't really understand what's going on. They just paint a large brush over all of crypto because of what's happening in some places.
The latest attack with Burger Swap, is just one of many in recent weeks. This is all putting a big negative image on crypto overall.
What seems to be the trigger to all of the recent downfall in crypto values seems to have come from Elon Musk talking about how dirty bitcoin is in terms of energy use. That negative news sold like hot cakes and sent the markets plummeting. It seems to be the trigger in my view.
Since then, there has been a focus on so-called green energy or clean energy, which isn't necessarily clean or green, but that's another issue. The only thing that makes it cleaner green is that it's not directly producing carbon dioxide. As if that's the only thing that matters, not other forms of pollution and producing that technology.
There is now a push for this greener or cleaner energy use in crypto, and in particular for bitcoin. Ark Investment CEO Cathie Wood, speaking at the Consensus 2021 conference earlier this week, spoke about how renewable energy is going to be a big focus for miners:
“Half of the solution is: understanding the problem,” Wood said during her Consensus conference address.
“This auditing of what miners, certainly in North America, are willing to do around how much of their electricity usage is generated by renewables is going to bring that topic into stark relief and will encourage an acceleration in the adoption of renewables beyond which otherwise would have taken the place.”
The expert mindsets seem to be that as more clean energy is used in bitcoin and in crypto, this will increase its quote green profile", leading to more institutional buying. That's why the future of crypto is green, green energy, clean energy, renewable energy.
How long will that take? That's up to the miners. I think when earnings are concerned, sooner is better than later.
Posted Using LeoFinance Beta
