TD₿: Bitcoin is the Most ESG-Friendly Investment in my Clients' Portfolios by Andy Edstrom
TL;DR Bitcoin incentivizes more energy production and provides a solution to the negative social impacts brought on by the traditional monetary system in place today.
Hey Bitcoiners,
We have already seen an onslaught of anti-Proof of Work rhetoric coming from multiple organizations after Ethereum’s move to Proof of Stake including environmental groups such as the Environmental Working Group and Greenpeace.
Since Ethereum’s Merge, these organizations have both published articles and posted tweets about the negative impacts of Bitcoin’s energy use. Greenpeace even created a petition in an attempt to get Fidelity to stop supporting Bitcoin.
Side note: both of these environmental groups received millions of dollars from Ripple Co-Founder Chris Larsen earlier this year. They were paid to spread misinformation about Bitcoin’s energy use to pump Larsen’s own cryptocurrency as a viable “greener” alternative and to hopelessly try to change Bitcoin’s code.
These organizations are literally bought and paid for, so in my opinion, their integrity is jeopardized, and all their previous work should now be taken with a grain of salt. Do they really think [x] is bad for the environment, or are they just being paid to say it?
Before they received millions of dollars to slander Bitcoin, from my research, both organizations had never published a piece on Bitcoin. Now that they have been paid, they suddenly are very concerned about Bitcoin’s energy use for the future of the planet. Since receiving money from Larsen, Greenpeace has published four articles and EWG has published eight articles, all criticizing Proof of Work.
Greenpeace didn’t mince its words in one article, “Bitcoin – as it exists today – is BAD for our planet and communities.”
It’s obvious that Greenpeace and EWG are not acting in good faith because they fail to perform any kind of true cost-benefit analysis of Bitcoin mining. They never mention the damaging costs of keeping our traditional monetary system going or the positive impacts that Bitcoin mining can have on the world.
Bitcoiners on Twitter were quick to let them know the faults in their thinking.
These shitcoin-funded organizations are using ESG to attack Bitcoin. They do this while entirely focusing on the “E’ and not mentioning how Bitcoin helps the “S” and “G”. Bitcoin is an inclusive, global monetary system that has a fairer governance structure when compared to the traditional financial system we have today.
On top of that, Bitcoin helps increase energy production, which is essential to human flourishing and driving our society forward. Bitcoin — as it exists today — is GOOD for our planet and communities.
Andy Edstrom wrote about some of the reasons why Bitcoin is the most ESG-friendly investment in his portfolio in this article. (02/01/2022)
The plan is clear: anti-Bitcoin organizations and individuals will use ESG to slander Bitcoin and demonize it for its energy use.
It’s important to reject this ESG framework and shift the narrative around Bitcoin to how this unique technology is useful for the energy industry and how digital sound money benefits our society as a whole.
Every sat is worth every watt.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Bitcoin is being asked to prove it will neither increase CO2 nor crowd out other energy users or face some kind of government intervention. Imagine asking that of literally ANY other technological innovation of the 20th and 21st century at its inception. All would fail the test.” - Troy Cross, Fellow at Bitcoin Policy Institute
Job of the Day
Momentum Mining is providing a cost-efficient and tax-advantaged way for its clients to gain true exposure to Bitcoin. They are looking for a Chief Business Development Officer to lead outreach and sales efforts to family offices, institutions, and corporate clients to support their ambitious expansion plans.
Not your particular skillset? Check out all the Bitcoin jobs at bitcoinerjobs.com.
Featured Event
Tuesday — come to the Old Bank of England from 7:00 to 9:00 pm for the 8th edition of London Bitcoin Space which brings together Bitcoiners to toast Satoshi’s gift.
The first round of drinks this week will be provided by Bitrefill – the providers of gift cards and airtime top-up vouchers in bitcoin!
Not in town for this? Check out all the Bitcoin events at bitcoinerevents.com.
Meme of the Day
(h/t @bhargreaves)