Nic Carter of Castle Island Ventures believes Elon Musk isn’t the proper person to lead the “clean Bitcoin” discussion, “at least not in the eyes of the Bitcoin community.”
Elon Should Sit At The Back
“Bitcoiners are still extremely distrustful of Musk, and they see him as conflicted, given that his business includes the sale of offsets,” he told Bloomberg.
However, Carter highlighted that encouraging Bitcoin miners to be more honest about their energy mix is a good suggestion regardless of who makes it, alluding to the newly formed Bitcoin Mining Council.
He explained that Bitcoin (BTC) is a decentralized synthetic commodity that is extremely resistant to control. If one jurisdiction bans Bitcoin, the hash power will just transfer to another jurisdiction. Even if particular countries restrict it, there will be no shortage of friendlier jurisdictions.
Instead of outlawing Bitcoin because of its high energy usage, Carter proposes that regulators develop greener Bitcoin mining infrastructure.
Bitcoin miners in North America are cleaner than many other industrial electricity users. This, according to Carter, is why the idea of miners being more upfront about the type of energy they use will be vindicated.
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Carter also doesn’t seem convinced by the notion that Bitcoin is utilized for money laundering. Any monetary system will always be exploited for criminal objectives, he said, stressing that the US dollar is used for illegal purposes considerably more frequently than Bitcoin.
“We didn’t ban the U.S. money because Pablo Escobar had heaps of dollars in his basement,” Carter points out, “because we didn’t outlaw the U.S. money because Pablo Escobar had heaps of cash in his basement.”
Following a meeting between Musk and major Bitcoin miners in North America arranged by MicroStrategy CEO Michael Saylor, the Bitcoin Mining Council was formed. According to Saylor, the council’s main purpose is to promote transparent energy use and expedite global environmental activities.
“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage and to ask miners WW to do so. Potentially promising,” wrote Musk in a tweet published Monday. On the announcement, the price of bitcoin jumped from $37,940 to $39,405.
“The newly-formed Bitcoin Mining Council is the next logical step in fostering a sectoral shift to renewable energy,” said Peter Wall, chief executive of Argo Blockchain, in a written statement to Forbes. Wall writes he “looks forward to joining Michael Saylor and other leading North American miners in working to future-proof an industry that must collectively improve sustainable mining practices and take ESG concerns seriously.”
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Featured image from BBC, Charts from TradingView.