The leading cryptocurrency has come under pressure for its immense energy usage, but Anthony Pompliano said there is no need to apologise.
Bitcoin influencer and podcaster Anthony “Pomp” Pompliano told CNBC in a recent interview that there is no need to apologise for Bitcoin’s energy usage. Bitcoin has come under attack numerous times for its massive energy usage during the mining process. He said;
“There is a linear relationship between energy consumption and the dollar system, to support more users and more transactions, we need to consume more energy, more data centers, more bank branches, more ATMs.”
According to Pomp, the argument of higher data usage applies to fiat currencies. Pompliano added that the fiat system consumes more electricity than Bitcoin, but they are not facing similar backlashes. He added that;
“Bitcoin blockchain does not have this same linear relationship with energy consumption; that is because regardless of the number of transactions per block, there is the same energy consumed by each block. As Bitcoin scales, it will become more efficient because you will be able to add more economic value to each of these blocks.”
The cryptocurrency market has experienced massive growth over the past few years. The growth has attracted the attention of governments in various parts of the world, and the various aspects of the cryptocurrency market are being dissected and criticised.
Earlier this week, new research from Trading Platforms shows that the e energy consumption of the Bitcoin ecosystem is eight times the amount of both Google and Meta (formerly known as Facebook) combined.
The report pointed out that the fear lies in the amount of electricity only Bitcoin consumes. Bitcoin’s price has surged by more than 60% since the start of the year, outperforming numerous financial assets in the process. Market experts are optimistic that Bitcoin could touch the $100k level in the coming year.