Bitcoin continues to move towards $50,000 without error. But now, BTC criticism continues with unproven arguments.
Nick Boles, a former British member of parliament, made an interesting statement today. Boles has urged central banks to ban the world’s largest cryptocurrency for its use of too much power.
Bitcoin Criticism Doesn’t End With This
Also, Boles has another interesting invitation. Every Bitcoin holder should switch to non-PoW focused cryptocurrencies. According to him, non-PoW-oriented cryptocurrencies are harmless.
“Central banks should ban BTC trading. First, it should force anyone who holds Bitcoin and wants to use it in a random process, to exchange it for another currency that doesn’t have this kind of devastating side-effect. There are other cryptocurrencies that do not harm the real world at all.”
BTC Consumes More Electricity Than Argentina
According to the Bitcoin Electricity Consumption Index, Bitcoin now consumes more electricity than all of Argentina.
According to information provided by Blockchain.com, on February 9, the hash rate of the cryptocurrency broke a record. The hash rate reached an all-time high of 158.94 EH/s.
If the total computing capacity of the Bitcoin network continues to increase, BTC will soon surpass Ukraine in electricity consumption.
Why Are BTC Critics Flawed?
BTC has always been criticized by environmental activists for its controversial carbon footprint. On the other hand, 76 percent of all cryptocurrencies are now emerging with the help of renewable resources. Because power is infinite in this context, it creates a way for governments to use it, as CoinShares’ Meltem Demirors points out:
“Bitcoin is an extraordinary way for economics to tap into untapped, abundant sources of power to generate growth.”
On the other hand, Real Vision Group founder Raoul Pal argues that Bitcoin can actually lower the cost of renewed electricity:
“In my view, miners are trying to find the most economically viable source of stable demand. Therefore, BTC reduces the cost of renewable electricity. This breakthrough urgently excludes unclean power. Thus, it fuels investments in green power technology, such as hydro for cooling or cold locations.”