Kraken CEO Advice to Elon Musk: Should Study Bitcoin Mining More
Kraken’s CEO Jesse Powell gave advice to Elon Musk to look into how Bitcoin mining works more as he believes the asset is a lot greener than people realize, or what the mainstream media’s narrative led us to believe.
Elon Musk should study more bitcoin mining as the cryptocurrency is actually a lot greener than people believe, said Kraken’s CEO, Jesse Powell in a recent interview. However, Powell also admitted that the crypto market has cooled off after the during the latest market correction.
Tesla’s CEO Elon Musk made the news last month after the electric car manufacturer dropped bitcoin payments citing environmental concerns. Musk has since then frequently bashed the high energy consumption levels that BTC mining requires. His opinion hasn’t really changed despite numerous Twitter debates on the topic.
However, Musk said Tesla would reverse the latest, and enable BTC payments again once there’s proof that the majority of bitcoin coming is from renewable sources.
The Kraken CEO seems to be among those who believe that the primary cryptocurrency is actually a lot greener than people think. Speaking to Bloomberg, Powell, noted:
“I think there could be greener alternatives. However, I think bitcoin is a lot greener than people give it credit for. It is a way to capture a lot of discarded and lost energy. It is a way to bootstrap renewables. I think it’s doing a lot for the renewable energy sector.
I don’t know for how long Elon has been studying this, but I think he’s got some more studying to do on this topic.”
Powell also mentioned the significant growth in user base in the first few months of 2021. But, he also noted that more customers created an exchange account in that short period than in the entire 2020.
Powell also said that the trend might be reversing as the cryptocurrency market is no longer in such a bullish territory. Bitcoin and most altcoins have slid by up to 50% of their respective peaks, and most traders tend to be on the sidelines when such price movements transpire, he explained.
Powell also noted that “people who just came for the quick gains” were those who sold off more rapidly during the most violent stages of the market crash last month. In contrast, long-term holders have kept accumulating, which is actually evident from recent reports.
