Main navigation

Echoing Ripple CEO, Bill Gates Argues Bitcoin Is Bad for Planet

News
Thu, 02/25/2021 - 06:31
article image
Alex Dovbnya
Bill Gates argues that Bitcoin is bad for climate due to its electricity consumption
Echoing Ripple CEO, Bill Gates Argues Bitcoin Is Bad for Planet
Cover image via en.wikipedia.org
Read U.TODAY on
Google News

During a Clubhouse interview with CNBC’s Andrew Ross Sorkin, Microsoft co-founder Bill Gates slammed Bitcoin for its excessive energy use, arguing that it consumes more electricity than “any other method known to mankind.”

Bitcoin uses more electricity per transaction than any other method known to mankind, and, so, you know, it’s not a bad climate thing.

However, he would be “okay” with Bitcoin if it relied exclusively on green electricity:

If it’s green electricity and it’s not crowding out other uses, eventually, you know, maybe that’s okay. I don’t see the topic as deeply related even though you might label me a Bitcoin skeptic.        

Gates reiterated that he’s yet to hop on the Bitcoin train after recently mentioning   

I haven't chosen to invest in Bitcoin. I buy Malaria vaccines. I buy measles vaccines. I invest in companies that make products.

Yet, he mentioned that he applauds people who make fortunes with Bitcoin.  

The Gates Foundation is currently developing its own digital currencies that have “ultra-low” transaction fees.    

Related
Bill Gates Says Bitcoin Is Only for Billionaires Like Elon Musk

Ripple CEO promotes sustainable mining

With major corporations such as Tesla and Square adding Bitcoin to their balance sheets, they are facing mounting criticism from those are concerned over the cryptocurrency’s carbon footprint.

Back in March, Ripple CEO Brad Garlinghouse called mining “a massive waste” and urged public companies to use “more energy efficient” assets in October.   

He has since softened his rhetoric on proof-of-work currencies, now promoting sustainable mining in his most recent tweet:       

Biden Administration’s priorities are clear - they talk about climate change every day. Instead of arguing about exactly how much energy mining uses, let’s focus on making this industry the leader in sustainability.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.