Nick Carter of Castle Island Ventures does not think Elon Musk is the right person to lead the “clean bitcoin” debate, “possibly as far as the bitcoin community is concerned.”
He Told According to Bloomberg, “Bitcoiners are still completely skeptical about Musk, and they consider him disputed because his business partly involves offset sales.”
While it is a good proposition to ask bitcoin miners to be more transparent about their energy mix, whether it is coming from anyone, Carter insisted, pointing to the recently formed Bitcoin Mining Council.
He stated that bitcoin is a decentralized synthetic commodity that is very resistant to regulation. If you ban bitcoin in one jurisdiction, the hash power will just flow into a new jurisdiction. There will be no shortage of friendly jurisdictions even if it is banned by different countries.
Instead of banning bitcoin due to its energy consumption, Carter suggested that policy makers should build a green grid for bitcoin mining.
North American bitcoin miners are cleaner than many other industrial consumers of electricity. Carter believes that this is why the idea of being more transparent about the kind of energy the miners are using is going to prove them right.
Carter also does not seem convinced on the “bitcoin is used for money laundering” narrative. Any monetary system is always used for crime, he said, adding that US dollars are used far more often than bitcoins for illegal purposes.
According to Carter, linking bitcoin to criminal activities is a curious angle, “since we didn’t ban the US dollar because there was a pile of dollars in Pablo Escobar’s basement.”
Bitcoin Mining Council was established A meeting between Elon Musk and the leading bitcoin miners in North America was brokered by Michael Saylor, CEO of MicroStrategy. The council’s primary goal is to promote transparent energy use and accelerate sustainability initiatives around the world, Saylor Tweeted.