The Castle Island Ventures’ Nic Carter believes that Elon Musk is not the right person to be at the forefront of the clean BTC discussion, at least not when the Bitcoin community is viewing.
Musk Should Sit at the Back
“The Bitcoin community has lost their trust in Musk, and they see him as a man with a conflict of interest after his business talked about selling the BTC in their balance,” Nic told Bloomberg.
However, Nic Carter mentioned that regardless of who brought the suggestion, encouraging the BTC miners to be more mindful of the kind of energy they used in mining which led to a new Bitcoin Mining Council, is a very good suggestion.
He explained further that Bitcoin is a synthetic commodity that is decentralized and is quite resistant to control. If a ban is placed on BTC in a region, the hash power will only be transferred to a new region. This means if certain countries ban it, the asset will not lack a region that will be friendly.
Instead of restricting BTC with harsh regulations based on the carbon footprint, Nic Carter suggests that the regulators should design a new infrastructure for greener BTC mining.
The miners in North America are quite cleaner than most industrial electricity users. According to Carter, this is the reason why the positivity from the kind of energy used should be accepted.
However, Nic Carter is not convinced about Bitcoin being used for criminal purposes – Money Laundering precisely. He said, “Any monetary system can be explored and exploited by criminals, and even the US dollar is used more for illegal purposes frequently than Bitcoin.”
He pointed that “When Pablo Escobar heaped Dollars in his basements, the US money was not outlawed for that reason.”
After a meeting of the major miners in North America and Elon Musk, which was set up by Michael Saylor, the CEO of MicroStrategy, a new BTC mining council was established. Saylor said the essence of the council is to encourage transparency in the use of energy and other environmental concerns.
After Elon Musk tweeted on the meeting, the price of the asset jumped to $39,405 from $37,940. The new council is the next strategic step in ensuring a shift to sustainable energy.