Nick Carter of Castle Island Ventures doesn’t think Elon Musk is the man leading the debate over “pure bitcoin,” “maybe not in the bitcoin community.”
“Bitcoins are still very skeptical about Musk and consider them contradictory to one another, given that his business is in part linked to selling compensation,” he told Bloomberg.
Nevertheless, it would be a good idea to ask Bitcoin miners to be more transparent about the power structure, no matter who comes, as Carter emphasized, referring to the newly formed Bitcoin Mining Board.
He noted that Bitcoin (BTC) is a decentralized synthetic good and very resistant to regulation. If you block Bitcoin in a jurisdiction, only hash power will be transferred to the new jurisdiction. There would be no shortage of friendlier jurisdictions, even if some states prohibited them.
Instead of blocking bitcoin due to energy consumption, Carter suggests that policymakers create greener networks for bitcoin mining.
Bitcoin miners in North America are cleaner than many other industrial consumers of electricity. Carter believes this is why the idea that miners be more transparent about the type of energy they use would validate.
Carter also doesn’t seem to believe in the “using Bitcoin to launder money” story. He said that any monetary system should always be used to commit crimes, noting that the US dollar is used for illegal purposes more often than Bitcoin.
According to Carter, Bitcoin’s association with criminal activity is an odd aspect, “since we did not ban the US dollar because Pablo Escobar had so many dollars in the basement.”
The Bitcoin Mining Board was created after Musk met with major North American bitcoin miners through the mediation of MicroStrategy CEO Michael Saylor. Sailor tweeted that the council’s primary goal is to promote transparency in energy use and accelerate sustainable development initiatives around the world.