- Castle Island Ventures’ Nic Carter believes that Musk is not the right person to lead the “Clean Bitcoin” campaign.
- According to him, the U.S Dollar is used for illicit transactions more often than Bitcoin.
Elon Musk, the Tesla CEO was some time ago hailed as a hero and environmental activist who seeks to change the world through renewable energy production. Just recently, he led a campaign against the carbon emission of Bitcoin mining by suspending its payment for Tesla vehicles. Musk’s recent meeting with North American Bitcoin miners led to the establishment of the Bitcoin Mining Council. Their objective is to promote transparency in energy use and ensure that sustainable initiatives are accelerated worldwide.
Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide. https://t.co/EHgLZ9zvDK
— Michael Saylor (@michael_saylor) May 24, 2021
Though some environmental activists are solidly behind him, Castle Island Ventures’ Nic Carter believes that Musk is not the right person to lead the “Clean Bitcoin” campaign. According to him, the BTC community sees Musk as conflicted.
Bitcoiners are still intensely skeptical of Musk, and they view him as conflicted, given that his business partially involves the sale of offsets.
Carter, however, has no issues with the proposal. He mentioned that the quest to demand miners to be transparent in their energy mix is a good move regardless of who leads it.
Banning Bitcoin is not a good idea – Carter
China seeks to become carbon neutral by 2060 and reach peak emissions by 2030 as part of the 2015 Paris Agreement to stem out global warming. Interestingly, more than half of new Bitcoins are mined in China. This means their global warming initiative cannot co-exist with Bitcoin mining, sparking a crackdown. The government of Inner Mongolia has also revealed its intention to halt all new BTC mining and shut down existing operations. This is to limit emissions from coal-fired power plants.
According to Carter, banning Bitcoin is not the solution. His reason is that the crypto is a synthetic decentralized commodity that is resistant to regulation.
If you ban Bitcoin in one jurisdiction, the hash power will just flow to a new jurisdiction. There will be no shortage of friendlier jurisdictions even if individual countries do ban it.
According to him, greener power grids should be created for Bitcoin rather than banning it. Carter also believes that when BTC miners become more transparent about the kind of energy they use, they can save the crypto industry. North American Bitcoin miners, for instance, are said to be cleaner than many industries that consume electricity.
USD is used for crimes more often than BTC
Carter defended Bitcoin, stating that any monetary system is going to be used for crime. According to him, the U.S Dollar is used for illicit transactions more often than BTC, and so, associating criminal activities to the crypto is a curious angle.
We didn’t ban the U.S. dollar because Pablo Escobar had heaps of dollars in his basement.