SSM: (ed.11) The ESG Solution

SMM (ed11) The ESG Solution

June 04, 2021

Elon Musk caused quite the stir in May 2021, suspending Tesla purchases through bitcoin because he 'suddenly' realised that bitcoin consumes energy. I argued in

that Elon Musk was not the only cause of the recent price decline and I

As much as I would like to just ignore Elon, the energy debate is important. The environment is precious, resources are scarce, and we are compelled to sustain this beautiful planet for future generations. Bitcoin’s detractors single out bitcoin mining as regressive and environmentally damaging, which catches the eyes of the increasingly powerful ESG and green movements (ESG: Environmental, Social and Governance). But this approach reveals a gross misunderstanding of the technology. This months article delves into these nuances of this debate and serves as an overdue follow-up to

TLDR

: Contrary to popular opinion, bitcoin improves energy efficiency and promotes conservation. I believe it will create more ESG conscious investment portfolios through providing digital sound money to millions, promoting renewable investments and curtailing debt-fueled consumption.