Elon Musk Thinks Bitcoin Might Finally Be Able To Shake Its Bad Climate Reputation

Each new year usually brings a new trend. One that’s graced the planet in recent years is none other than the rise of cryptocurrency, something that’s been on the cards for a while. Now, it’s taking over in ways people never imagined. 

Being one of the wealthiest people in the world means that Elon Musk knows a thing or two about money. However, there is a new currency on the block that’s got people talking in the last few years: bitcoin. Now, Elon Musk thinks bitcoin might finally be able to shake its bad climate reputation if miners make a few changes.

Bitcoin value dropped when Tesla suspended payments

Bitcoin has been the talk of the town in the last few years. Suddenly, it seemed as though everyone was trying to mine the cryptocurrency as thousands of people invested in bitcoin in the hopes of starting something great. Sadly, things haven’t gone entirely to plan in that time. Several companies still refuse to accept bitcoin as payment, while others aren’t willing to invest in the cryptocurrency when there are still several other alternatives on the market. Elon Musk previously let his company, Tesla, accept bitcoin payments, but that changed in May 2021 when the company suspended all bitcoin payments. Amazingly, this was enough to see the cryptocurrency’s value fall from around $40,000 down to just $30,000 in a matter of moments.

Elon Musk thinks bitcoin needs to be more economical

Could bitcoin recover from the major loss triggered by Tesla? It seems that way, and believe it or not, but Elon Musk could be the one to help get the cryptocurrency back on the market. The CEO of Tesla believes that the best way to get bitcoin back to its full strength is to encourage people to use renewable sources to bring it to life. Tesla is one of the most famous companies when it comes to keeping things carbon-neutral, so it might be little surprise that Elon is so keen to make the new currency as green as possible. Elon took to social media, where he explained that bitcoin may be able to recover from the dip if miners start to post audit numbers to show just how much energy is being used to get their hands on the currency.

Bitcoin is already ahead of many other currencies

Although it is not carbon-neutral, it turns out that mining bitcoin might already be a much greener option than other currencies on the market. For example, gold mining uses 240.61 terawatt-hours (TWh,) according to Cambridge University research. This is dwarfed by banking systems that can consume up to 263.72 TWh. Bitcoin? That uses an average of 121,36 per year, meaning it is already one of the greenest options on the market. However, Elon is determined that things need to get even better before the world will accept the cryptocurrency as an acceptable form of payment.

Elon Musk thinks that bitcoin can finally shake its bad climate reputation, but only if there are some major changes on the menu. The biggest is looking for a more environmentally friendly way to mine the cryptocurrency, something that could be enough to change many people’s minds when it comes to welcoming the new form of payment.