Is cryptocurrency the next blood diamonds? In the jewelry industry, it’s common for buyers to look for assurances that anything they purchase was obtained ethically. No one wants to be associated with blood diamonds. Cryptocurrency seems to be acquiring the same kind of stigma.
Not long ago, businesses that traded in crypto, or used it to make transactions, carried an air of cutting-edge cool, if not mystery. Now suddenly, people are starting to ask questions about how currencies like Dogecoin and Bitcoin are mined, and how they can do a number on the planet.
This has crept into the mainstream quickly. HBO’s Bill Maher recently delivered a rant denouncing all things crypto (and Twitch, for that matter). Then Elon Musk, fresh off a high-profile hosting gig on Saturday Night Live, announced that Tesla would no longer accept crypto payments for its cars, sending currency values tumbling.
The thing many people may not realize is that, like diamonds, there are ways to mine crypto that don’t harm the world. In the near future, we’re going to need a system that can help individual purveyors and exchanges verify that their crypto was mined in an environmentally sound manner before certain companies will agree to do business. Otherwise, this reputation will be hard to shed.
Supporting link/asset: https://www.cnbc.com/2021/05/13/bitcoin-btc-price-falls-after-tesla-stops-car-purchases-with-crypto.html