Following Tesla's decision to abandon Bitcoin as a means of payment, MicroStrategy and the Dallas Mavericks have come out in favor of Bitcoin, stating that they will continue to accept the cryptocurrency among their payment options.
The rejection of Tesla, the American electric car manufacturer owned by Elon Musk, was not enough to kill the enthusiasm for Bitcoin (BTC), which remains the first cryptocurrency of the market by capitalization.
Recently, Tesla decided to remove Bitcoin from its payment options, citing environmental concerns. The news, released by Musk via his usual medium Twitter, brought down the crypto markets within hours. However, many crypto investors have come to the defense of the industry's leading cryptocurrency, and have also taken advantage of the opportunity to increase their holdings.
Michael saylorCEO microstrategy, the largest institutional investor in BTC, noted that the company acquired 271 new BTC, with an investment of $15 million, taking advantage of the drop in value caused by Tesla. Saylor continues to implement its policy of storing value with BTC and responded to Musk's comments by pointing out that this network uses energy to secure its transactions, and that the net impact on fossil fuel consumption over time will be negative.
For its part, Mark Cuban, owner of the Dallas Mavericks, ratified his belief in Bitcoin, and assured that the professional basketball team will continue to accept the main cryptocurrency on the market as a form of payment, in addition to Ethereum (ETH) y Dogecoin (DOGE), which are also available among your options.
Anthony Pompliano, Bitcoin evangelist and founder of Morgan Creek Digital, he remembered Musk said that about 75% of the miners on this blockchain use renewable energy.
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Bitcoin, Gold and the Environment
In addition to believing in the financial and economic potential of Bitcoin, Mark Cuban also noted that he firmly believes that this cryptocurrency will become a substitute for gold and a stable store of value, which will help society and the environment.
Cuban bases his claims on gold mining, whose damage to the environment is greater and much more noticeable than what some want to scandalize about the Bitcoin network. On his Twitter, the owner of the Dallas Mavericks cites a article of the New York Times, Titulado “Behind the glitter of gold: torn lands and specific questions” which explains the damage that gold mining is causing to the planet. Among many things, the article states:
“Some metal mines, including gold mines, have become almost equivalent to nuclear waste dumps that must be maintained in perpetuity.”
The NYT explains that to mine gold, miners must clear large tracts of land, excavate and move thousands of tons of earth and rock a day, which are sprayed with a highly poisonous and polluting diluted cyanide solution to separate the gold from the rocks and only obtain a few ounces of the precious metal. The earth moved and sprayed with cyanide remains as large mounds “that can rival the Great Pyramids” and that show the enormous “Scars of open-pit mining”, which endure over time.
Some of the other negative impacts caused by gold mining include internal explosions, diversion of rivers and waterways, and the transportation of the metal and its processing.
74% of miners use renewable energy
The other article that Cuban quotes was published by Money Week. titled “Bitcoin is energy intensive, but here’s why it’s worth it”, shows the great benefits and advantages that the most powerful blockchain network in the world distributes among all its users. In addition, Money Week cites several studies that show that 74% of the energy consumed by Bitcoin is renewable.
“Ironically, Bitcoin makes better use of renewable energy sources than almost any other large-scale industry in the world. One company in Sweden is even recycling the heat generated by bitcoin mining to heat greenhouses.”
Other initiatives make use of abandoned oil and gas wells left by large industries to power electricity generators that run BTC mining equipment. Likewise, several companies in Russia and the United States use the billions of associated gas that the oil industry releases into the environment without any qualms. gazpromneft is one of the companies that is transforming nearly 680.000 billion of associated gas into clean energy for BTC mining.
So, in conclusion, Bitcoin and cryptocurrency miners are pushing for the adoption of new sustainable energy sources to sustain their activities in the long term, being friendly and respectful of the environment.
Furthermore, it is worth noting that Bitcoin's energy consumption is much lower than that of the banking networks of the traditional financial system, and that globally this blockchain consumes between 0,1% and 0,3% of annual energy, according to a report published by the International Energy Agency (IEA).
BlackRock CEO also defends Bitcoin
Rick RiederBlackRock CEO Rieder also spoke out in favor of Bitcoin as a means of payment. Rieder said Tesla's actions, eliminating BTC payments, were hasty and that the cryptocurrency is a durable asset, although it has not yet reached its maturity.
Although Bitcoin is still a very volatile digital asset, this cryptocurrency will be an important part of the financial and investment systems at a global level, something that we have already begun to see and that we will continue to see in the future. During the interview On CNBC's Square Box, Rieder noted that the hurdles Bitcoin currently faces, both as a network and as a means of payment, will be overcome over time.
At press time, Bitcoin is trading at a value of $49.500.
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