According to financial news site The Street, BoA analysts on March 17 called Bitcoin “impractical as a store of wealth or payments mechanism,” adding, that there is no good reason to invest in Bitcoin “unless you see the price going up.” Beyond that, Investopedia editor-in-chief Caleb Silver said a survey showed the only bubble investors are worried about is Bitcoin.
Kentucky Senate gives clean energy tax breaks to crypto miners. No, seriously
A bill that would give huge tax breaks to Bitcoin mining facilities, even if they use coal power, passed the state’s senate 36-1
Kentucky State Sen. Brandon Smith has sponsored a bill that would extend the state’s tax incentives for alternative and renewable energy businesses to decidedly environmentally unfriendly cryptocurrency mining operations. If that sounds like an unlikely combination consider this: The bill would rename the existing “Incentives for Energy Independence Act” the “Incentives for Energy-related Business Act.”
Citing energy concerns, China’s Inner Mongolia region bans crypto mining
The highly polluted region is one of China’s largest cryptocurrency mining centers, but it’s power grid is overtaxed as Beijing pushes renewables
One of China’s largest bitcoin mining regions, Inner Mongolia’s electricity generation comes largely from highly polluting coal-burning power plants. It accounts for about 8% of the total global bitcoin mining. Yet Beijing has been pushing for more renewable energy for years, as pollution levels grow.
Is Bitcoin endangering the ‘green’ credentials of companies like Tesla?
Climate-conscious governments and activists are waking up to the fact that BTC is a power-hungry cryptocurrency, which could come back to bite the institutions whose investments are powering its price boom
BCA Research’s chief global strategist, Peter Berezin, predicted that Bitcoin’s Achilles heel will begin to scare off corporate investors off and cause governments to erect more obstacles to it success. The first to flee will be environmental, social, and governance-focused funds he said, adding that they will shun companies involved with Bitcoin, not just the cryptocurrency itself.