Bitcoin can aid climate change fight, millionaires pile in
As heatwaves continue across the northern hemisphere and extreme temperatures are breaking records across the globe, I believe Bitcoin can help to mitigate the climate change crisis.
The world’s largest cryptocurrency is emerging as a possible solution to the global climate change emergency. Indeed, Bitcoin can fuel positive change and help the fight against climate change.
As I said to Bitcoin Insider, Korea IT Times, and Technuter, amongst other media outlets, Bitcoin has unique characteristics and transformative potential. It is well-placed to play a vital role in transitioning to a more sustainable and eco-friendly future.
Furthermore, Bitcoin mining – verifying and adding transactions to the blockchain while creating new Bitcoins – is often overlooked. This has the potential to accelerate the transition from fossil fuels to renewables.
Of course, clean energy is the way forward, but sources can sometimes be irregular. There’s insufficient storage capacity for when these sources generate excess energy.
Bitcoin miners could be major buyers of last resort, bringing significant profit for investment and expansion. This would then boost the renewable supply, subsequently reducing consumer prices and further triggering demand.
The rise in popularity of Bitcoin has resulted in increased wealth accumulation for early adopters and crypto enthusiasts. We’ve also seen many within the Bitcoin community leverage their newfound wealth to fund sustainable projects and initiatives.
This approach could lead to substantial investments in renewable energy, clean technology and other climate change mitigation efforts.
Not to mention financial inclusion. Bitcoin can boost financial inclusion for many across the world. The world’s largest crypto can provide a much-needed service for the unbanked by giving individuals access to digital currencies and blockchain-based financial services. It can bolster economic growth in marginalised communities.
This heightened access to financial resources allows people to invest in sustainable practices. This, in turn, helps them do their bit to fight climate change.
Furthermore, the increased popularity of Bitcoin was also highlighted in a recent deVere Group poll. The results showed investors hadn’t lost confidence in crypto, despite last year’s so-called crypto winter.
As quoted by Yahoo Finance, Pound Sterling Live, Value Walk, Mena FN, Forkast News, Trading View, Luxury Lifestyle Magazine and Shares Magazine, amongst others, the poll’s findings showed 85% of high-net-worth clients have considered or are already investing in cryptocurrencies such as Bitcoin so far this year.
This is a rise from 82% of deVere’s HNW clients who sought advice on cryptocurrencies throughout 2022.
Indeed, up to now, 2023 has seen an extraordinary turnaround for digital currencies. Especially considering just how dark the market was in 2022. A series of headline-making events led to a domino effect of financial losses that shattered investor confidence in crypto.
Yet Bitcoin has already gained 80% this year, putting it on course for its best yearly performance since 2020. This is really impressive. Not to mention Ethereum prices are also up 52% year-to-date.
Following on from the crypto winter and amid the backdrop of macroeconomic headwinds, HNWs are consistently seeking advice about the inclusion of cryptocurrencies into their portfolios or increasing their exposure to them.
I believe that this rise in crypto interest, as shown in this latest poll, stems from Bitcoin’s intrinsic values of being digital, global, and borderless.
Indeed, the crypto market is now witnessing upside momentum because of global cooling inflation trends, which will boost the outlook for risk-on assets.
As such, should HNWs continue to show such immense interest in crypto, as market conditions improve, they’ll be the first to make the most of the forecast price rise of major digital currencies.