Crypto Stocks Bounce After $6 Billion Drop as Bitcoin Churns – Yahoo Finance

Crypto Stocks Bounce After $6 Billion Drop as Bitcoin Churns – Yahoo Finance

Benzinga

Elon Musk: Crypto Leaders Need to Ensure the Bitcoin Boom Is Sustainable

Authors Rob Chang and Brittany Kaiser Recently, Elon Musk announced that Tesla’s purchases and transactions with Bitcoin would be paused until the network “transitions to more sustainable energy.” Though Musk is one of the blockchain industry’s biggest advocates, his criticisms of the Bitcoin network’s energy usage are joining a growing choir of voices pressuring industry leaders to take action. Accompanying every large crypto boom, and the renewed financial industry and public attention it inspires, comes the hand-wringing about what this future of finance is ultimately reaping and wreaking. The litany of naysayers reflexively return to their list of talking points against blockchain technology: it is mostly used by criminals (false), it is too volatile to be trusted (also false, especially when comparing it to other more finicky and “trusted” legacy assets that can crash or boom at a moment’s notice), and most of all, bitcoin energy consumption is what will drive the inevitable climate change that will toast the planet and all of humanity with it (also false, and usually accompanied by hyperbole). No less an authority than U.S. Treasury Secretary and former Federal Reserve Chairwoman Janet Yellen has once again joined the chorus, recently saying, “[Bitcoin is] an extremely inefficient way of conducting transactions, and the amount
Source…