HomeEU’s bill on cryptocurrency is a move in the right direction, says Swan Bitcoin CEO

EU’s bill on cryptocurrency is a move in the right direction, says Swan Bitcoin CEO

Hassan Maishera

The European Union has voted against banning Bitcoin mining in the continent, which many see as a victory for Bitcoin.

In a recent interview, Cory Klippsten, Swan Bitcoin CEO, told CoinDesk TV that the recent bill passed by the EU is a victory for Bitcoin and the broader cryptocurrency market.

A block within the EU wanted to ban Bitcoin and other Proof of Work cryptocurrencies in the continent. This move comes following the numerous criticism regarding Bitcoin and its massive use of energy during the mining process.

Klippsten said the failure of the bill to pass the committee shows that the EU will allow people to decide what they do with their power. He said;

“The first argument is to allow people to decide what they use their energy for. Will they use the energy for massive data centres like Amazon that are centralised, or will they opt for decentralised financial systems like Bitcoin?”

Ultimately, the EU voted that people can decide what to do with their massive energy. 

When asked why he thinks the green energy associations target Bitcoin, he stated that most of the problem stems from the altcoin developers. Klippsten said;

“Bitcoin gets targeted above other cryptocurrencies because altcoin developers use Bitcoin’s consensus protocol to promote their altcoins. Most of them claim that Bitcoin mining is bad and their proof of stake protocols are better. Hence, the reason why Bitcoin gets more attention from the government agencies compared to the other altcoins.”

The cryptocurrency market has been underperforming in recent weeks, with Bitcoin’s price still struggling below the $40k psychological level. The total cryptocurrency market cap currently stands at $1.7 trillion, down by less than 1% over the past 24 hours.

The current bearish trend in the market began in November after Bitcoin hit an all-time high price of $69,044 per coin.

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