Greenpeace Condemns Bitcoin ETF Approval On Pollution Issues

Greenpeace Condemns Bitcoin ETF Approval On Pollution Issues 

Greenpeace, an environmental protection organization, has condemned the approval of several spot Bitcoin exchange-traded fund (ETF) products, stating that it is a “watershed moment” for the financial services industry on Bitcoin-produced pollution. The organization submits that the approval of Blackrock, Fidelity, and other financial companies for Bitcoin ETFs should be incumbent upon mitigating the carbon emission issues.

Greenpeace Labels Bitcoin ETF Approval 'a Loss for the Climate and Society' 

Greenpeace, an organization that works for global environmental protection, has condemned the approval of the recent spot Bitcoin ETF products by the US Securities and Exchange Commission (SEC). Rolf Skar, National Campaigns Director at Greenpeace USA, termed it as 'a loss for the climate and society.' He stated that this move would make it easier to bet on Bitcoin, an asset that is associated with pollution issues. 

Skar further stated:

"The approval of the Bitcoin ETFs is a watershed moment in the financial services industry’s embrace of polluting Bitcoin… This presents serious challenges for our efforts to reduce carbon emissions and avert the worst consequences of the climate crisis." 

Skar explained that this kind of product will push the price of Bitcoin further due to an increase in demand for the product. He explained that the increase in demand for more Bitcoin will motivate miners to join the hunt for the rewards obtained after mining a Bitcoin block.

Skar elaborated that the power for Bitcoin mining is largely from fossil fuels, which leads to higher carbon emissions and water use. “SEC’s approval of a Bitcoin ETF is a win for executives at big Wall Street companies but a loss for the climate and society,” he concluded.

Greenpeace Urges Change in the Consensus Mechanism 

Greenpeace stopped accepting Bitcoin donations due to its environmental impact in 2021 and has been advocating for changing the code. This would involve changing from a proof-of-work to a proof-of-stake consensus mechanism, reducing the amount of energy needed to operate and secure the network.

What is your take on Greenpeace and its condemnation of the approval of several spot Bitcoin ETF products? Please share your thoughts and opinions in the comments section below.