Nic Carter claims that Elon Musk is not the proper person to lead the green Bitcoin debate.

Carter urged that policymakers encourage greener networks for local Bitcoin mining.


Nic Carter claims that Elon Musk is not the proper person to lead the green Bitcoin debate.


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."


“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.


Bitcoin, he explained, 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.


Carter also doesn't seem convinced by the notion that Bitcoin is utilized for money laundering. He added that any monetary system will be exploited for criminal reasons at some point, noting that the US dollar is used for illegal purposes far 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.”

Also read: Bitcoin and Ethereum prices are stalling near crucial levels, while altcoins are soaring.

The Bitcoin Mining Council was formed as a result of a meeting arranged by MicroStrategy CEO Michael Saylor between Elon Musk and leading Bitcoin miners in North America. According to Saylor, the council's main purpose is to promote transparent energy use and expedite global environmental activities.


Continue to read more Bitcoin related latest news SM MEDIA

Post a Comment

0 Comments