How Tesla’s $1.5b Landmark Bitcoin Investment would hurt its Environmental Reputation

Tesla co-founder Elon Musk faces criticism from analysts and climate advocates over his $1.5 billion investment in Bitcoin. Tesla’s interest to make the world cleaner would be ‘stained’ by Bitcoin’s current environmental imprint.

Tesla’s crypto investment saw the company rise as one of the largest corporate holders of Bitcoin. From the clean energy perspective, Bitcoin mining is perceived as a ‘dirty business.’ Clients could, in the foreseeable future, purchase electric cars from Tesla using Bitcoin. Activists argue that Bitcoin mining consumes a lot of energy and would result to more carbon emissions to the atmosphere.

Money managers, investors and analysts argue that Musk’s Bitcoin venture is ‘risky.’ Wall Street observers lambasted the company’s huge investment in Bitcoin. However, Bitcoin investors welcomed Tesla’s decision that sent their holding value rise by 18 percent within a day.

Furthermore, analysts argue that Tesla’s plan for crypto-for-car payment might be subject to Know Your Customer (KYC) and anti-money laundering rules.

Why Tesla invested in Bitcoin

Tesla decided to invest in Bitcoin in order to maximize returns on idle money and to advance the diversification of income. The electric car manufacture company revealed its interest in Bitcoin in a filing with the US Securities and Exchange Commission (SEC).

Crypto investors perceive Tesla’s investment as a step towards the institutional adoption of Bitcoin. Musk was pronounced as the richest man in the world in 2021 and his investment in Bitcoin has raised eyebrows, with speculations rising over his social media activities. On Twitter he has changed his bio to read #Bitcoin.

Comments

How Human Noise Kills Marine Species, as revealed by Scientists

Scientists have warned that the discord of noise made by humans is harming marine species . A comprehensive assessment revealed that large noise from human activities was as harmful as pollution, overfishing and climate change . The study that was conducted by the Journal Science exposed how marine animals can hear from far distances than they can see or smell. According to a report published in the Guardian, most of the marine life uses sound to catch prey as well as attracting a mating partner. Prof Carlos Duarte of King Abdullah University in Saudi Arabia argued that: “Marine animal can only sea up to around 10 meters, smell up to around a hundred meters, but they can hear across the entire ocean basins.” The research concluded that sound “is very important in the marine ecosystems, and noise is pervasive, affecting animals at all levels .” The increasing cacophony in the marine habitat is interfering with how marine animals respond to various survival...

Carbon dioxide to Make Jet Fuel, Study Reveals

Photo Source: twitter.com Aircrafts release a lot of carbon dioxide in the atmosphere which contributes to climate change. A research that was conducted by Science News and reported on December, 22 2020 stated that there was a new iron-based catalyst that has been invented to convert carbon dioxide into jet fuel. It is only a matter of time that carbon dioxide pumped to the atmosphere by planes could be sucked and used to power the same. The air travel’s footprint in carbon emissions could be tremendously curtailed, if the carbon dioxide that is released is recycled to generate fuel. As per Science News reports, Air transport contributes to about 12 percent of the entire transportation carbon-related emissions. Unlike cars, aircrafts cannot carry bigger batteries which can be run on electricity generated from wind or solar panels. The current breakthrough in the conversion of carbon dioxide to fuel involves cheap ingredients such as iron and transformed through a single s...

Why World Tycoons Should Emulate Microsoft founder, Bill Gates, in the Battle against Climate Change

The silent biggest global pandemic is global warming. Global problem deserves global attention; and that is why world moguls and leaders should use their influence to initiate change that can positively impact the world. Microsoft founder Bill Gates has consistently advocated for environment conservation and has been a key personality in the battle against climate change . Gates keen focus has been to increasing access to clean electricity in remote parts of the world. As a key defender of the environment, he is quoted by the Guardian saying that: “The idea of adding new electricity capacity- you can’t just go build coal plants.” The Guardian reported that Gates likes using private jets because he can get affordable fuel for flight. He revealed that he has already footed the bill of carbon footprint to a group dubbed Climeworks , a firm that captures up direct air in Iceland. Gates pointed out that the future of vehicles travels lie with electric cars; but excluded the el...

Phode News Hub

Search This Blog