Bad Boy Bitcoin is back
This was the week were Bitcoin got its bad boy image back – partly because it puts out more carbon dioxide than a small country countries, but mainly because a billionaire playboy (come playadult) tweeted about the previous fact.
After Elon Musk took to Saturday Night Live to crater Dogecoin, he then came back to his safe space (twitter) to crater Bitcoin.
Bitcoin does have a sustainability problem due to the sheer amount of electricity required to maintain the network (far more than any traditional currency), made worse by the geographies where that electricity is consumed (China where coal is still a major part of the grid).
So, if Bitcoin is out because of emissions – then what might be in? Or, what might public figures like Musk try to claim is in?
What are the big take-aways from this ranking:
- Only Bitcoin SV is really on par with traditional currencies, and it’s almost 1/10 as polluting as the next best coin.
- Bitcoin really is much worse than the alternatives. For example, a transaction on the ETH network leads to 4% the emissions of the same transaction on the BTC network.
- Carbon Offset Startup Sylvera raises $5.8m from Index Ventures
- GoldenSource Launches ESG Data Management Solution for Sellside and Buyside Investors