Bitcoin's trillion dollar issue: ESG takes stage at Bitcoin 2021 conference

Jun. 05, 2021 12:01 PM ETBitcoin USD (BTC-USD), HIVE, RIOT, MARA, HIVE:CARIOT, HIVE, MARA, HIVE:CABy: Stephen Alpher, SA News Editor101 Comments
  • The number one issue keeping institutions like pension funds and sovereign wealth funds from allocating assets into Bitcoin (BTC-USD) is ESG concern, says Kevin O'Leary, moderating a panel of Bitcoin miner CEOs: Fred Thiel of Marathon Patent (NASDAQ:MARA), Jason Les of Riot Blockchain (NASDAQ:RIOT), and Frank Holmes of Hive Blockchain (OTCQX:HVBTF).
  • Holmes made an attempt at suggesting a two-tier system for Bitcoin, noting every single fresh coin he mines is pure - coming via renewable energy and was never used in any sort of suspect transaction. Needless to say, it wasn't a popular line with the attendees.
  • Riot's Jason Les quickly took the opposite view, saying one of Bitcoin's strengths is its total and complete fungibility and that this must always be the case (to cheers from the crowd).
  • Marathon's Thiel's sympathies clearly align with the fungibility argument, and he further notes that only about 900 bitcoin are mined each day. If institutional level investors want to own bitcoin, they've got no choice but to buy from the broader market.
  • Of Bitcoin ETFs, Hive's Holmes - who years ago was highly involved in attempting to launch one - believes U.S. regulators may continue to hold off on approval. It's not necessarily ESG concerns, he says, but instead anti-money-laundering worry. Thiel isn't too concerned either way, noting investors already have any number of ways to buy bitcoin. And while things may be a bit costly and cumbersome now, that's going to vastly improve on both fronts very quickly.
  • Jason Les gets the last word. While he thinks it's great that the Bitcoin community is trying to get the message out about how mining is actually going to be a plus for greener energy, ultimately its about incentives. Mining is a highly competitive business, and owners are constantly looking to cut costs and raise efficiency.
  • #Bitcoin2021
  • Yesterday's report: Focusing on adoption, not price

Recommended For You

Comments (101)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.