Unless Bitcoin (BTC) falls below $40,000, Galaxy Digital CEO Mike Novogratz will be “nervous.”
On September 21, the infamously bullish investor soothed anxieties about the latest cryptocurrency sell-off in an interview with CNBC. Despite the macroenvironmental uncertainty surrounding China and Bitcoin losing up to 10% this week, there are few negative voices among well-known crypto sector analysts.
Novogratz is no exception, stating that the price dip was more of a constructive corrective move for a market that has been in “up-only” mode for some months. Ray Dalio of Bridgewater Associates stated that Bitcoin has a “perceived” rather than the actual value in a similar media appearance despite being an investor himself. Regulation, he warned, could potentially “destroy” the cryptocurrency’s fortunes, referring to the United States as an example.
Nonetheless, Dalio’s view on Bitcoin has shifted significantly since he first mentioned it in public and made an allocation.
Global carbon emissions
Bitcoin mining will account for no more than 0.4 percent of worldwide electricity use over the next decade. According to a new analysis by the New York Digital Investment Group, Bitcoin’s energy consumption will remain less than 0.5 percent of the global total over the next decade.
This month, NYDIG released its ‘Bitcoin Net Zero’ study paper, which concluded that Bitcoin’s energy usage and carbon emissions would not soar in the following years, even if prices do. Nick Carter and NYDIG founder Ross Stevens examine how the network’s carbon footprint may fluctuate in the future due to swings in Bitcoin’s price, mining difficulty, and energy use. Based on statistics from 2020, the paper forecasts the future growth of Bitcoin mining. The researchers analyzed Bitcoin miners’ historical electricity consumption as a function of network hash rate and machine efficiency.
The authors discovered that Bitcoin utilized 62 terawatt-hours of electricity and produced 33 million tonnes of carbon dioxide emissions in 2020, accounting for only 0.04 percent of worldwide energy usage.
BTC mining currently consumes 101 TWh per year or 0.45 percent of global electricity. According to Cambridge University, the Bitcoin network uses more energy than the entire country of the Philippines. However, the university discovered that Bitcoin utilizes less overall electricity than all refrigerators in the United States combined and only 4.6 percent of the total energy used for residential air-conditioning worldwide.
Dogecoin (DOGE) As Payment?
Twitter’s crypto community is buzzing once more. This time, the article is about Tesla potentially taking Dogecoin (DOGE) as payment in the future. To be more specific, Matt Wallace, a crypto YouTuber, and ardent DOGE supporter, tweets a daring message. The tweet goes on to imply that Tesla will soon announce that it will accept DOGE as payment. He claims that Tesla will do so once the Robinhood wallet is released.
Robinhood just announced that it is testing a new bitcoin wallet on its app. The wallet is designed to assist users in sending and receiving funds such as Bitcoin and others. The advantage here is that they will not need to transfer their cryptocurrency into dollars. Regarding Tesla, it isn’t a far-fetched idea to imagine the company accepting DOGE as payment one day. Tesla has previously accepted Bitcoin as payment. Bitcoin is not even supported by the company’s CEO, Elon Musk.
DOGE, on the other hand, is unmistakably Elon Musk’s preferred cryptocurrency. On Twitter, the internet titan has often shown his love for it.