Crypto Could Spark Creative Solutions, Says Billionaire Chris Sacca
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Billionaire investor Chris Sacca believes cryptocurrencies’ environmental problems could spark creative solutions.
The founder of Lowercase Capital admitted to holding a variety of cryptocurrencies, including BTC (BTC) and ETH (ETH).
“The climate impact bums me out,” he said, “but that is the market impetus for a lot of clean energy innovation.”
Sacca’s tweet in which he made these proclamations was prompted by a Twitter thread from Mark Cuban. Besides both being crypto enthusiasts, the billionaires appeared together on popular investing show “Shark Tank.” Sacca made these statements as qualifications when asking Cuban whether transactional utility drove his crypto selection.
Sacca invested early in BTC, stating that he had “bought BTC at $800,” in March 2014. A longtime BTC bull, he predicted it would become “institutionally mainstream” in 2017. Although, that same year, and in 2013, he described it as an “environmental disaster.” “I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” he said.
BTC’s environmental reputation
Tesla CEO Elon Musk echoed these remarks concerning coal use to mine BTC in his announcement that the company would no longer accept BTC as payment. “We are concerned about rapidly increasing use of fossil fuels for BTC mining and transactions, especially coal,” the tweet read.
Despite currently putting BTC payments on hold, the tweet remarked that Tesla would retain its BTC holdings. It continued that the company intends to eventually use it for transactions, once BTC mining transitions to more sustainable resources.
Incentivizing renewable resources
This apparently indicates that Musk is optimistic in BTC’s potential to switch to a more sustainable path. A whitepaper commissioned by Square and ARK Invest also championed Sacca’s belief in BTC spurring sustainable innovation.
Apart from catalyzing sustainable innovation, BTC mining companies have also begun prioritizing environmental consciousness in their business strategy. For instance, Digihost is focusing on mining BTC in an efficient and environmentally conscious way. The company announced that 90% of the energy consumed by its BTC mining operations is from zero carbon emission sources.
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