May 31, 2021
Location: Los Angeles
Date: Friday 28th May
Project: lynalden.com
Role: Macroeconomist
Over the last few weeks, the ESG narrative regarding Bitcoin has been growing, and we have seen a constant stream of misinformed FUD surrounding the energy sources and usage of Bitcoin miners.
The primary catalyst for this narrative, and the recent drop in price, was when Elon Musk tweeted that Tesla had "suspended vehicle purchases using Bitcoin" due to their concerns "about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions". While the validity of this claim was quickly debunked, the narrative is spreading.
With growing pressure to reduce energy consumption and comply with the ESG movement, what impact will this have on the Bitcoin market?
In this interview, I talk to Lyn Alden, a macroeconomist and investment strategist. We discuss new sources of demand for bitcoin, ESG, Tesla, and misconceptions about fossil fuels and “green” energy.