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Bitcoin Gets a Carbon Black Eye from Musk, but Draper Stays True to Price Predictions

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Tim Draper remains at $ 250,000 in 2023

Based on his prediction and firm belief in Bitcoin and the potential of decentralized digital currency monkeys, we asked if 2021 made him feel like saying “I already told you so.”

“No, I wouldn’t say that. I won’t say I told you until it happens, ”Draper said. “But I make my predictions and I stick with them.”

We asked Draper if, even in light of the recent crash, he expected Bitcoin to cross the $ 100,000 barrier in 2021 and Draper simply stated:

“Yes. Beyond that.”

In 2014, Draper won 50,000 BTC at the US Marshall auction and invested in more than 50 crypto companies with investments including Coinbase, Ledger, Tezos, and Bancor, among others. He’s not a Bitcoin maximalist, as he explained, so we asked him, “What about Dogecoin? What drives it?

“A dog? People like it. It’s cute,” Draper said. “And of course Elon Musk has been talking about it.”

Tesla suspends BTC purchases

If Elon has had a lifting effect on Bitcoin with his support, two days of criticism have had a detrimental effect, dropping 9.5% on Thursday, according to Bloomberg.

Not content with simply raining down on the parade of more than a year-long BTC bull run, with minor corrections, Musk is actively supporting the world’s best-known meme token, Dogecoin, elsewhere.

Very surprise, a lot of crypto

Musk’s support has taken Dogecoin from $ .43 to over $ .50, more than half of the $ 1 mark that supporters hope to show the legitimacy of the token.

Supporters of the coin on FinTok, the crypto investment arm of TikTok, want more than legitimacy, of course, as you can see from the tweet pinned on @TikTokInvestors. They want to take this dog beyond $ 1 and achieve a metaphorical escape velocity.

The environmental impact of BTC

However, some industry leaders believe that the environmental impact of Bitcoin is receiving a disproportionate focus.

“Users must understand that the narrative of electricity use can be exaggerated. Distinguishing Bitcoin mining by its use of electricity can sometimes seem subjective, ”Rob Chang, CEO, Director and Co-founder of Gryphon Digital Mining, an environmentally friendly Bitcoin mining operation that claims to use 100% renewable hydroelectric power .

Joseph Fiscella, blockchain developer and founder of Florincoin (Flo Network), now known as the PIN Network, challenged the idea that Bitcoin is having the polluting impact claimed by naysayers.

“Bitcoin mining is not location dependent. Bitcoin can be mined anywhere power can be generated. This is not the case with almost any other energy consumption giant that needs to be close to a large population to be useful, ”said Fiscella.

Jag Sidhu, CTO Blockchain Foundry and developer of Syscoin, stated that Bitcoin’s energy consumption should be measured based on all its direct and indirect usage, but noted that as it grows, the footprint will shrink for individual users.

“The absolute amount is directly proportional to the valuation of the Bitcoin ecosystem, not just its own market capitalization, but all the value derived from it across the myriad verticals that are being built where Bitcoin is directly or indirectly securing value to through liquidations. However, as the industry grows, the density of energy expended per transaction also grows, thus minimizing the individual footprint per user, ”said Sidhu.

Sidhu believes that Bitcoin will have limited ability to reduce energy use per user and can achieve higher user density and reduced energy per user through combined mining on supported blockchain networks.

“If Bitcoin remains as a SoV, which it appears it is, the density will only increase marginally and therefore the power consumption in proportion grows… the derived value and the density grows through merged networks like the Syscoin network… which they provide utility that Bitcoin cannot, ”Sidhu said.

Of course, some hope not only to combat the environmental impact of Bitcoin mining, but also to create an environmental improvement.

“While carbon offset credits are excellent, by themselves they are not enough to explain the impact of cryptocurrencies on the planet. Carbon offsetting should be done in conjunction with the adoption of blockchain solutions that use as little energy as possible. The financial revolution should be a net benefit to the environment, not a net negative, ”said W. Sean Ford, COO of the Algorand network.

Luis Felipe Adaime, CEO of MOSS, a Brazilian company that has tokenized carbon credits to benefit projects in the Amazon, believes that the environmental impact of Bitcoin is undeniable and must be managed.

“The BTC proof-of-work is a highly complex process that consumes energy and generates high GHG emissions, mainly from the burning of fossil fuels. ETH is moving towards proof of stake to address emissions from the Ethereum network. There is reason to believe that the growing popularity of BTC will lead to faster adoption of green energy, but in the meantime, the carbon footprint of the world’s largest cryptocurrency is undeniable, ”said Adaime.

In 2021, it seems clear that Bitcoin is meeting the global demand for decentralized digital currency. As long as there is a use and a demand, Bitcoin will be part of our reality, but it does not have to be at the cost of the environment.

“Blockchain projects must understand that responsible use of renewable electricity and economic viability are not mutually exclusive ideas. There is a narrative that renewable energy is more expensive energy. That is simply not the case, ”Chang said.

Originally appeared in Benzinga.

Cover image modified by ejaugsburg from Pixabay

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