Two of the most famous billionaires in the world, Tesla Inc.
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CEO Elon Musk and Jack Dorsey face each other on bitcoin, and the future of the world’s leading crypto is likely to be at stake.
On Friday, Dorsey, a longtime Bitcoin attorney and co-founder and CEO of Twitter
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tweeted that Bitcoin is changing everything “for the better” and that “we will work forever to make Bitcoin better”.
His tweet was in response to one from Square CEO Amrita Ahuja, who said the payment platform’s Bitcoin strategy has not changed and the company is working towards a “greener future.”
Square holds 8,027 bitcoins valued at over $ 400 million MarketWatch’s sister publication Financial News This place had no plans to buy anymore. Square’s Cash app was one of the first major exchanges where customers could buy the digital assets.
“We are concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal,” wrote Musk.
The tweet renewed questions about Bitcoin’s carbon footprint and the impact of mining on the popular crypto, which had grown in popularity thanks to recommendations from celebrities and high-profile executives like Musk.
Bitcoin’s proof-of-work blockchain protocol uses more power than almost any other crypto, and this has become an increasingly hot button issue in blockchain circles.
Musk, who has thrown some of his oversized weight behind Dogecoin, which uses less power for digital mining than Bitcoin, has been accused of abandoning Bitcoin and rocking the broader crypto market after voicing his environmental concerns.
According to the technology company, Dogecoin consumes 0.12 kilowatt hours TRG data centers. Ripple Lab’s XRP coin consumes the lowest amount of energy at 0.0079 KW / h, and Bitcoin consumes 707 KW / h.
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A popular report from the Cambridge Center for Alternative Finance It is estimated that Bitcoin mining consumes around 148 terawatt hours of energy annually – and consumes more emerging economies in a year than countries like Sweden.
Musk, considered a longtime bitcoin bull, has said he would not sell the $ 1.5 billion Tesla bought in bitcoin. But his recent environmental perceptions have challenged his enthusiasm for bitcoins, while Dorsey and Co. appear to be stepping up their support for the # 1 crypto.
Bitcoin has numerous shortcomings beyond its energy efficiency, but its proponents are still inclined to hope that as the crypto sector matures, it will become the most dominant digital asset in the future.
Bitcoin changed hands at CoinDesk at $ 49,777, after its 24-hour high of around $ 51,000. Crypto has risen 71% so far this year, with that profit easing off in the last two days of volatility in the broader crypto market since the start of the year.
Still, Bitcoin’s return has outperformed more traditional assets. Gold futures
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are down around 3% year-to-date, while the Dow Jones Industrial Average
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won 12% and the S&P 500
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rose by more than 11% in the reporting period. The high-tech Nasdaq Composite Index
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increased by more than 4% in 2021.