Bitcoin more energy efficient than traditional financial system, says Morgan Creek’s Anthony Pompliano
Skeptics of Bitcoin (BTC) often criticize BTC’s environmental impact, but Anthony Pompliano argues that the topCryptocurrency has a clear energy advantage over the traditional financial system.
Pompliano, the co-founder of Morgan Creek Digital, tells CNBC in a new interview that Bitcoin becomes more efficient as it scales.
“There is a linear relationship between energy consumption and the US dollar system.
So in order to support more users and more transactions, we need to use more energy. We need more data centers, more bank branches, more ATMs, etc.
The BitcoinBlockchain, Layer-1, does not have the same linear relationship.
Regardless of how many transactions fit into a transaction block, there is the same energy consumption.
With scaling, Bitcoin becomes more and more efficient, as you can pack more economic value into each of these blocks, while in the legacy system you have to consume more energy with scaling. “
Pompliano also argues that the Bitcoin community “shouldn’t apologize” for energy consumption.
“Important things in the world consume energy.
Finally, if you look at Bitcoin specifically, a very large percentage of the mix is actually made up of renewable energy – it powers all kinds of R&D [research and development] in renewable energy, and what we are beginning to see is that if you want to protect your purchasing power, this is the key to bitcoin.
If you want to protect your purchasing power in a world of undisciplined monetary and fiscal policy, you have a decentralized network of computers all over the world securing and defending that purchasing power for you, and I think that’s why you see over 100 million people on the all over the world who have accepted this good. “
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Source: Crypto News Deutsch