Thursday, May 30, 2024

Dorsey, Musk endorse cryptocurrency’s potential for greener pastures

Tesla chief Elon Musk has agreed with Twitter boss Jack Dorsey, who has said that bitcoin “incentivises” renewable energy, despite experts warning otherwise, the BBC reports. In a tweet on Wednesday, Dorsey said that “bitcoin incentivises renewable energy,” to which Musk replied “True.” The tweet comes after the release of a white paper from Dorsey’s digital payment services firm Square and global asset management business ARK Invest entitled “Bitcoin as key to an abundant, clean energy future.” Author and bitcoin critic David Gerard described the paper as a “cynical exercise in bitcoin greenwashing.” “The reality is: bitcoin runs on coal,” he told the BBC. “… Bitcoin mining is so ghastly and egregious that the number one job of bitcoin promoters is to make excuses for it – any excuse at all.”

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