China and Musk add impetus to the Bitcoin sustainability drive
Not if, but when...
Musk's tweeting and China's ban might appear to have had a detrimental effect on the value of bitcoin, but the long-term effects of the free PR will prove to be positive when more of the world’s population knows of its potential as a freedom-driven financial system.
Tesla’s eventual change in tone smacked of misinformation in the first place; now, instead of boycotting it for environmental reasons, the company will “resume allowing bitcoin transactions” for its customers when there’s a “positive future trend” for the use of clean energy by miners. Someone ought to let Elon know that that positive future trend already exists.
There will never be a better time for businesses to plug into the network than now—its usership has been growing exponentially year-on-year, but we’re still only at 2% adoption amongst the world’s population.
The energy debate has dominated headlines a number of times in its 12-year history and only ever served to strengthen its appeal to a global audience; perspective, as with any disruptive technology, has proved to be more powerful than any governmental ban or organizational jerk of the knee.
Bitcoin is an incentive for corporations to be cleanerThe fact that mining BTC relies on cheap energy consumption means that the market will be incentivized to deliver cheaper power sources for miners to use, which, in turn, will lead to new sources of energy that previously weren’t thought possible. El Salvador is already calling for a plan to allow miners to use the abundance of geothermal energy from its volcanoes.
Alongside the continued growth of public adoption, this will lead to a future in which corporations are incentivized to use cleaner energy because their integration with the Bitcoin network is a source of profit.
The sustainability and resilience of Bitcoin is perfectly aligned with our values as a B Corp at Kin + Carta. If you’d like to learn more, download our whitepaper here and discover the five stages of adoption of the Internet of value.