Will ESG Be Behind The Next Bullish Bitcoin Narrative?


It might be hard to find a bullish narrative for Bitcoin currently. The inflation hedge has plummeted during the worst inflation in 40 years. It hasn’t acted as a safe haven during war, a pandemic, or anything else. In fact, given the recent price action, few would argue in the favor of cryptocurrency.

But what if there was a new narrative brewing? Tech investor, fund manager, and ESG-focused exec Daniel Batten believes that not investing in BTC is “gross negligence” when it comes to ESG obligations. What exactly is ESG, and what are these so-called obligations that Bitcoin potentially fits into.

How To Get Free Crypto  
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

ESG And What This Means For Bitcoin

ESG stands for environmental, social, and governance, and are a set of standards investors use to screen potential investments – not just in assets, but in R&D, manufacturing, and more. The environmental piece considers a company’s energy consumption and potential pollution impact. The social aspect looks at internal business practices, brand image, worker conditions, involvement in the community, charitable donations, and more. Finally, governance focuses on transparency with accounting and business practices to appease the liked of shareholders and other stakeholders.

Every company at larger scales must consider these factors. The idea is that there is greater risk associated with categories with a high environmental impact, which often also comes with more government scrutiny and regulatory compliance. Controversies surrounding human rights, labor laws, or sneaky reporting to shareholders can destroy a company outright. So how in the world does this all involve Bitcoin?

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Related Reading | Bitcoin Mining Ranked As One Of The World’s Most Sustainable Industries, Survey Shows 

The narrative that took the momentum out of the cryptocurrency’s bull run and brought on a bearish stretch, was none other than the controversy surrounding proof-of-work. That pivotal moment where the richest man – and arguably the most powerful – man in the world, Elon Musk, criticized Bitcoin’s energy consumption. It started a major mood shift and trend change in price action, but also in efforts to make BTC mining greener.

How will ESG influence the overall trend? | Source: BTCUSD on TradingView.com

How Might A BTC Mining Boom Influence The Trend?

Since Q1 2021 Daniel Batten points out, the renewable growth rate reached 59%. The same rate is up 383% since 2013. At this rate, BTC mining has reached 58% renewable energy usage – significantly more than most other sectors and countries.

Coinbase Banner  

“Bitcoin mining’s renewable adoption story can inspiring already fast-moving industry sectors as to what’s possible,” Batten explained. In a related, Twitter thread, Batten also broke down how Bitcoin mining could potentially be used to “reduce our global emissions by up to 8% by 2030, simply by converting the world’s wasted and dangerous methane emissions into 80x less harmful emissions.”

Corporations everywhere are looking to get on the right side of their ESG responsibilities. ExxonMobil recently revealed a secret project to cut down on its pollution using Bitcoin mining. Not only are these companies looking to offset harmful byproducts, but they can make some money while they are doing it.

Related Reading | Proof-Of-Profit: Ethereum Mining Brings Better ROI Than Bitcoin

Shark Tank star and investor Kevin O’Leary pitched the very same concept at the Bitcoin Miami conference. His speech wasn’t well received by the audience due to his belief that with these ESG benefits will mean heavy government regulation eventually. He disagrees that such involvement will be negative for the industry, and instead allow more businesses like ExxonMobil and others to get involved in Bitcoin mining.

Could the ESG trend help Bitcoin reach prices of $100,000 and above?

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

FreeBitcoin Banner  
Featured image from iStockPhoto, Charts from TradingView.com

Go to Source
Author: Tony Spilotro

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.