Why Elon Musk say's Bitcoin is a 'Dirty Cash "

Hello, Viewer, Today's article is related to Bitcoins - is  "Bitcoin is a Dirty coin"

Tesla has suspended the utilization of Bitcoin to shop for cars. we have a tendency to are involved concerning the increasing use of fossil fuels for Bitcoin mining and trading, particularly coal, which has the best emissions of all fuels.

Cryptocurrency is a good idea on many levels, and we think it has advantages. A promising future, but it must not be at the expense of the environment. After Musk released the tweet, the price of Bitcoin plummeted, falling from $54,800 to $46,000 in less than two hours. A week after Musk tweeted, the Chinese government announced its own Bitcoin ban. …The battered cryptocurrency fell to 30,000 USD and then returned to 40,000 USD. Bitcoin still hasn't recovered from these double blows. Maybe they will make up for his loss in the next few days and then try again to reach a record $65,000. 

The number one stock raider in the United States becomes the next big winner, but I suspect that Bitcoin has suffered a severe reputational loss and it is not easy to fix. This damage is likely to spread from the cryptocurrency market to the stock market, especially the ESG stock market.

Environmental, social and company funding or ESG funding is the brand new version of social responsibility ". An investment that tries to do good things by doing good things.

Environmental, social, and company

" ESG's strategy does not ignore traditional financial factors and indicators, but emphasizes three specific non-financial factors: "Environmental" analysis checks the "greenness" of stocks And how active the company is trying to incorporate sustainable practices into it. This analysis evaluates the company's internal personnel policy and its efforts to influence society from the outside.

 Although the investment in ESG obviously does not include Bitcoin, the ESG investment community has regarded the popular cryptocurrency as its own, because many private ESG ETFs, funds, and wallets have a large number of Bitcoin allocations. On Twitter, Bitcoin feels as primitive and antiseptic as a pharmaceutical cleanroom. Examples include electric cars, solar panels, wind turbines, and energy storage systems.

ESG investors can give up Bitcoin Elon Musk revealed that Bitcoin's true ecological identity is not pure currency. Since the "mining" of cryptocurrency requires intensive computer calculations, this process consumes energy. To make matters worse, the energy intensity of each subsequent Bitcoin is exponentially higher than the previous one. In early February, researchers at the University of Cambridge published a largely neglected study that estimated the annual energy consumption of Bitcoin to be approximately 121 terawatt-hours (TWh). This is roughly equivalent to Argentina’s annual energy consumption. 

To be honest, Bitcoin mining may be cleaner than gold mining. However, in fact, this is not the same standard. Modern miracles like Bitcoin must also be environmental miracles, not just getting worse than other alternatives. It is believed that its carbon footprint is as large as that of Sasquatch. In the long run, Bitcoin enthusiasts may not care about non-compliance with the usual environmental conditions. But ESG investors can do it. The ESG investor community is large and growing. According to the 2020 Trend Report of the US SIF Foundation, which advocates “sustainable and responsible” investment, US assets managed through ESG strategies have grown to US$17.1 trillion in the past year, an increase of 42% from the beginning of the year. 2018. This fast-growing group of ESG investors wants to pay attention to environmental impact. Therefore, if these investors want to stay true to their established goals, they cannot ignore Bitcoin's goals. 

Elon Musk

Negative environmental impact. Musk's Twitter removed this option. The secret of the ever-widening gap between rich and poor When he publicly accused Bitcoin of its “crazy” energy consumption, he penetrated the “willful SS ignorance”.His tweet warned that if you want widespread commercial dissemination, green or sustainable technologies must go their own way, not just speak their own ideas. And these technologies must go through the entire life cycle from concept to deployment, even if ESG investors don't need them, consumers will demand them. As consumers become more aware of which technologies are using the most sustainable methods, they will notice.

Even after the electric car leaves the exhibition hall, it is still green, just like the fuel that powers the charging station. The coal network is obviously not as environmentally friendly as the solar network. For example, in Germany, where approximately 40% of the energy mix comes from coal, a medium-sized electric car needs to travel about 78,000 miles on the odometer to be offset by a diesel vehicle, corresponding to about 37,000 miles. 

Gasoline car, It is estimated that in Germany, an electric car with typical driving behavior takes about 9 years on average to become more environmentally friendly than a diesel car. Obviously, electric cars are not "zero-emission" cars in the real world. This fact does not mean that the world should abandon electric cars and completely return to traditional cars. It just proves that no product or technology is completely sustainable or environmentally friendly. As Musk’s condemnation of Bitcoin shows, technologies that provide and/or promote sustainability are under development. This tweet is not so much a condemnation of Bitcoin as it is an insightful revelation. It points to Musk's belief that green technology must be as flexible as possible to achieve the best consumer demand and commercial success in the future. Scammers are not allowed...even very popular cryptocurrencies. 

Now, Musk's view may be an exception. But this is not uncommon for future-oriented entrepreneurs. Few other companies will follow suit...at least not immediately. But they can never do it again. Any cryptocurrency buyer or ESG investor claims to ignore the environmental impact of Bitcoin mining. Bitcoin is dirty money (to some extent). It is an asset class that is harmful to the environment. In the long run, this identity will not spoil your popularity, but it can. The risk to the value of Bitcoin may not be zero. As investors, to be successful, we need to find the best companies and assets in our class.

In the future world, "first-class" will increasingly become synonymous with "best environmental practices". In fact, "green investment" can simply become "investment." The trend is clear. Why not preemptively by supporting fast-growing technology and innovative companies that drive sustainable development instead of companies that drive it. 

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