The fortunes of the world’s leading cryptocurrency- Bitcoin, have taken a remarkable turn around in the last few years as it has become one of the world’s most sought-after digital assets in the world. However, Bitcoin has not been one without its critics, who most are popular business figure with vast investment experience and have warned the public about investing in the volatile cryptocurrency. A former member of the British Parliament, Nick Boles, has joined the list of critics as he has now warned Central Banks of nations to ban the trading of the cryptocurrency.
“Bitcoin energy consumption a threat to humanity,” Nick Boles
Boles, who served the British government for nine years, believes that the rush towards Bitcoin is becoming chaos, and he feels the world will be better without the digital assets. The cryptocurrency had a bull run in 2017, which attracted many investors to it, and since then, the journey to ATH prices has been amazing.
The side effects of Bitcoin have been called into question recently after Cambridge University research showed that the cryptocurrency mining had consumed more energy annually than South American nation- Argentina. The result of the new research had prompted Boles to suggest to the Central Banks of many nations to abolish the trading of the cryptocurrency due to the harsh economic impact it had resulted into.
In Boles’ statement, the former parliament member for Grantham and Stamford also advised that the CBNs encourage people to withhold the assets to either trade them off or use them for other purposes. He believes that there are many other crypto assets in the world apart from Bitcoin, and he wants the CBN to encourage people to look at them instead of Bitcoin, which according to Boles, is now a threat to humanity.
Bitcoin still has its detractors
The former lawmaker’s recent comments had caused chaos on social media Twitter, as many Bitcoin analysts and enthusiasts have openly disagreed with the lawmaker who left his position over Brexit issues two years ago. However, what this signifies is that, despite the fortunes of Bitcoin, there are still so many critics out there who are yet to be convinced by the cryptocurrency.
The most valuable cryptocurrency had forced its way into the top ten most valuable companies in the world recently and continues to reach all time high prices, bringing smiles to the face of its investors. Many other prominent former critics of the cryptocurrency have now become investors or have had their company become institutional investors in the cryptocurrency.
The issues of energy consumption surrounding Bitcoin will always be one that will be debated, as an analyst has suggested it is currently at an all-time high due to the influx of investors in its space. However, the negativity surrounding Bole’s comments will not be taken seriously by investors in the space, but the energy consumption needs to be regulated.