Top Crypto Analyst Says Bitcoin, Once Dubbed a ‘Currency for Criminals’, Has Seen a Narrative Shift – Here’s Their Outlook
Renowned technical analysis expert and well-known trader, Onramp (@OnrampBitcoin), shared a series of tweets that shed light on the evolving narrative surrounding Bitcoin, particularly in relation to its environmental, social, and governance (ESG) implications.
Onramp points out that Bitcoin, once criticized as a “currency for criminals” and an environmental hazard, is now increasingly recognized as one of the most ESG-friendly investment opportunities. This shift in perception is supported by a research report from KPMG, a leading audit firm, titled “Bitcoin’s role in the ESG imperative.”
The report echoes many of the arguments that Bitcoin proponents have been making for years. It highlights Bitcoin’s positive implications for the environment and society at large. Onramp also mentions the influential work of other top-notch analysts like @C_Bendiksen, @galaxyhq, @LynAldenContact, and @edstromandrew, whose research likely inspired KPMG’s report.
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Show more +KPMG’s report presents a compelling case for Bitcoin’s alignment with ESG principles:
- Environmental: Bitcoin mining allows for the location-independent monetization of energy, harnessing otherwise stranded energy and incentivizing the development of renewable energy sources. Bitcoin mining can also help reduce methane emissions and stabilize grids.
- Social: Despite concerns about illicit activity, a 2022 report revealed that illegal use of crypto accounted for just 0.24% of total transactions. Bitcoin also streamlines cross-border remittances, reduces fees, and increases transaction speed. It promotes financial inclusion in areas lacking banking services, as seen in the case of Afghan women being paid in Bitcoin to escape oppressive regimes.
- Governance: Bitcoin’s decentralization ensures the system’s integrity. Any changes to Bitcoin’s system rules would require a different version of Bitcoin, causing a “fork” from the main network.
Onramp suggests that the shift in narrative is also driven by powerful catalysts such as BlackRock and other financial giants embracing Bitcoin, favorable state-level regulations (Texas or Wyoming), and the growing adoption of Bitcoin mining within the oil/gas and renewable energy industries.
Onramp concludes by stating that regardless of one’s stance on the ESG framework, it’s becoming increasingly difficult to ignore the facts – Bitcoin mining is a net positive for the environment, Bitcoin promotes economic freedom and inclusion, and Bitcoin represents a paradigm shift in governance structure. In essence, Bitcoin is as “ESG” as “ESG” gets.
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