Bitcoin Towards a Greener and Sustainable Future : The B World Event
Recently, Musk revealed that SpaceX still owns bitcoin, and after studying the sustainability of BTC, Tesla may again start accepting BTC payment for their services soon.
While Elon’s company Tesla has already made an announcement about their Bitcoin purchase recently this year, in which tesla acquired about $1.5 billion in BTC respectively, this also took the price of Bitcoin to new heights.
The downfall of the currency started when Musk abruptly announced that Tesla will no more accept bitcoin while showing concerns about the environmental impact of Bitcoin, but recently at a virtual Bitcoin(BTC) event “The ₿ Word”, Musk was seen giving positive signs on resuming the acceptance of Bitcoin in this firm, while there are good chances of something similar happening cause of the recent surge in the use of renewable resources that are now being used for the mining purpose.
Nic Carter, the co-founder of Coin Metrics said CNBC that the Fundamentals of Bitcoin are in terms of sustainability is getting better over time and these coming aspects on Bitcoin becoming more environment friendly give chances of a new uptrend rally.
While saying the statement:
“I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin, and I do personally own a bit of Ethereum and Dogecoin of course.”
Musk didn’t reveal much information regarding other purchases made via SpaceX,
While he appeared alongside Cathie Wood the CEO of Ark Invest, Jack Dorsey the CEO of Twitter along with Steve Lee the moderator from Square Crypto.
During the event Musk had worn a BTC-themed t-shirt and was also looking optimistic about the future of the currency as he owns more of Bitcoin than compared to Ethereum and Doge.
He also hinted at a positive trend in the use of renewable resources that are being used in mining, this came in when China recently closed coal-powered mining plants at their mining locations.
He also made a confirmation and an assurance that more than 50% of the energy used for mining is from renewable resources and this percent is increasing at a drastic rate.
While supporting Musk Carter referenced the Bitcoin Mining Council’s (BMC) recent study which surveyed 32% of miners on the BTC.network. The poll produced an estimate of a 67% sustainable power usage Q2.
Carter also emphasized that the sustainability of BTC cannot be not completely verified until and unless the majority of the miners get settled after the recent outrage in China.