Elon Musk was a vocal advocate for cryptocurrency. But his brother Kimbal Musk believes differently about the asset class.
Kimbal stated in an interview with Input Magazine that he is concerned about cryptocurrency’ negative impact on the environment.
He didn’t mince words, actually:
“I am violently opposed to anything with that degree of environmental damage,” Kimbal told Input Magazine.
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Kimbal Musk Says Crypto An ‘Environmental Crisis’
“Cryptocurrency as it currently exists is a non-starter. I violently agree that we must fix this environmental crisis,” he said.
It has been proven that mining bitcoin requires a lot of energy. BTC transactions consume approximately 2,292.5 kilowatt hours of electricity. This is enough to power a US house for almost 80 days.
His brother Elon has stopped taking bitcoin payments from Tesla cars since last year, even though the company still holds approximately $2 billion worth of bitcoin.
With over 200,000 transactions each day – and counting – worry about crypto’s environmental impact has grown.
Tesla disclosed in an filing to the US Securities and Exchange Commission last February 8, that it had made $1.5 billion investments in Bitcoin.
Source: TradingView.com| Source: TradingView.com
Tesla ‘Very Ignorant’
Elon’s younger brother stated last week that Tesla was initially “completely ignorant” of Bitcoin’s environmental implications when it introduced the cryptocurrency to its balance sheet.
Kimbal owns the eco-friendly restaurant The Kitchen. He is estimated to have $700,000,000 in net worth.
He sits on the Boards of Directors of SpaceX and Tesla, and has a large stake in SpaceX.
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Kimbal announced the development of a decentralized autonomous organization (DAO) in December last year with the goal of enabling “decentralized charity.”
He discussed a variety of issues with Input Magazine , including his thoughts on wealth and his food equality cryptocurrency initiative, “Big Green DAO.”
BGDAO is built on the Ethereum blockchain and provides each member with a single vote on the decentralized autonomous organization’s decisions.
On Carbon Footprints & Being ‘Cautious’
Kimbal expressed optimism about Ethereum 2.0. It is anticipated to use significantly less energy than ether, and will also be much more secure.
Meanwhile, environmentalists claim that cryptocurrency’s rise is creating a massive carbon footprint, thereby contributing to the world’s climate problem.
Kimbal shared some tips from his brother regarding cryptocurrencies.
“To be honest, I have no idea what his position is on crypto,” he told Input. “The most important piece of advice I received from my brother is ‘be cautious,’” he said.
Featured image taken from MarketWatch. Chart by TradingView.com