Bitcoin miningCointelegraph.comElectricityGreen technologyPayPalSquaretesla

‘Existential threat’ to Bitcoin-investing companies from carbon fallout

Asset managers are warning industry giants like Tesla and PayPal that investing in energy-intensive assets like Bitcoin could diminish their popularity among investors.
Allocating capital to Bitcoin risks a backlash from environmentally conscious investors, according to author and co-anchor of CNBC’s Squawk Box, Andrew Ross Sorkin.In a piece for the International New York Times, syndicated worldwide, Sorkin pointed to statements by Lawrence Fink, CEO of Black Rock — the largest asset managers in the world — indicating his company would make all future investment decisions based on “how they plan to meet the climate challenge.”Tesla’s $TSLA recent bet on bitcoin sullies its green credentials. Mining and transacting the cryptocurrency requires huge amounts of computing power and electricity, much of it from fossil fuels #btc #ev pic.twitter.com/lv0pvossdr— Michael A. Gayed, CFA (@leadlagreport) February 21, 2021
Sorkin mentioned PayPal, Square and Tesla as examples of BTC-buying companies with strong green initiatives. But such initiatives seem in principle at odds with Bitcoin’s energy inefficient method of making transactions which adds to the carbon in the atmosphere:“All of which raises a crucial question: Does the movement among investors toward companies that rank highly for environmental, social and governance issues pose an existential threat to Bitcoin’s success?”Sorkin authored a book on the Wall Street banking crisis, Too Big to Fail, in 2009, which was on the New York Times bestseller list for six months and made into a movie in 2011.Tesla received $1.5 billion in environmental subsidies in 2020, funded by …
Story continues on Cointelegraph

Related posts
ArtartistArtStationcarbon footprintCointelegraph.comcriticismDapper LabsNewsNFTNon-fungible Token

'Ecological nightmare' backlash forces ArtStation to drop NFT plans

The announcement ArtStation was launching NFT artworks did not sit well with the platform’s artists, who called for a boycott and threatened to leave the platform. Prominent online art portfolio platform ArtStation has caved in to pressure from artists and…
AdoptionBitcoin PriceCointelegraph.comCryptocurrenciesETFjpmorganSEC

JPMorgan launching 'crypto exposure basket' featuring MicroStrategy and Square

The financial services giant has filed paperwork with the SEC to launch a debt instrument linked to 11 crypto-focused firms. JPMorgan Chase has designed a new debt instrument that provides investors direct exposure to a basket of crypto-focused companies, according…
ArtCointelegraph.comInvestmentsNFTNon-fungible TokenTechnologyValue

OpenSea collector 'pulls the rug' on NFTs to highlight arbitrary value

The most expensive single NFT ever sold went for $6.6 million in February. A crypto artist known as neitherconfirm recently listed 26 non-fungible tokens, or NFTs, for sale on OpenSea’s digital marketplace. Things took an unexpected turn earlier today, however, after the…