Debates within the crypto ecosystem about the environmental effects of crypto mining have occupied much of the specialists’ agenda in recent weeks. Tesla’s suspension of payments in bitcoin (BTC) and Elon Musk’s statements about it have aroused the opinion of several experts, such as that of Jesse Powell, CEO of Kraken.
The news surrounding Tesla has caused a massive drop in the price of BTC, although it has also served as a propellant for new – and fast – sustainable energy projects. However, the activity by itself did not present an alarming environmental impact when compared to gold or even the banking system. For that reason, Powell sent Musk to learn a little more about digital assets.
“I don’t know how long Elon has been studying this, but I think he needs to study a little more on this topic,” the CEO said in dialogue with Bloomberg. However, he acknowledged that there are more environmentally friendly alternatives, but he also accused some exaggeration when condemning the leading cryptocurrency.
“I think Bitcoin is much greener than people think. It’s a way to capture a lot of discarded and wasted energy,” Powell said. And he added: “It is a way of promoting renewable energy. I think it is doing a lot for that sector”.
Regarding the current market, the crypto entrepreneur highlighted the growing influx of investors during the first half of the year and acknowledged that in Kraken they have already exceeded the 2020 numbers. However, he explained that the cryptocurrency rally generated a massive entry of speculators that they were the first to “flee” from the decline in prices.