One of the strongest arguments that Bitcoin critics often present about the leading cryptocurrency is that the process of generating new units consumes a lot of electricity, meaning it could also be potentially harmful to the climate.
That criticism, although not new was addressed by Morgan Creek Digital co-founder, Anthony Pompliano in a recent interview with CNN’s Julia Chatterley.
“Pomp,” as he is more fondly known, cited recent research confirming that anywhere between 60-80% of the energy used for Bitcoin mining comes from renewable energy sources, and thus significantly makes the bitcoin creation activity less-harmful to the environment.
He highlighted the fact the miners have to “find the lowest cost energy which happens to be renewable” and thus this pressing need is driving a lot of innovation in renewable energy sources such as “gas flaring, waster energy, geothermal, hydro-electric.”
Bitcoin On-Chain Transaction Volume On The Rise
Another vital statistic that highlights the increased adoption of Bitcoin according to Pomp is that the adjusted on-chain transaction volume on the network was over half a trillion dollars last year.
In this regard, he noted that while “people can complain about transaction fees, costs, […] at the end of the day, people are using it more than they’re using Venmo, Apple Pay, and PayPal.”
Meanwhile, the Morgan Creek Digital co-founder said that to date, the store of wealth value proposition for Bitcoin remains intact since the leading cryptocurrency has survived increasing global tensions to yield up 30 percent this year, and over 150 percent.
Regarding Warren Buffett recent claims that Bitcoin’s dominant use case is reducing the number of briefcases needed by criminals, Pomp responded:
“I don’t really take technology advice from someone who uses a flip phone or doesn’t use email,” adding that there are better people than Buffett to take investment advice from especially when it comes to technology.
“I don’t really take technology advice from someone who uses a flip phone or doesn’t use email,” punchy as ever @APompliano of Morgan Creek Capital on @firstmove tackling Warren Buffett, $BTC utility value and the high energy intensity of $BTC mining. pic.twitter.com/SZw8NinHF5
— Julia Chatterley (@jchatterleyCNN) February 25, 2020