Bitcoin has had its fair share of spinning around, behaving like a smart cryptocurrency while the bullish trends are shooting it up north, rebounding to the most subtle price points after a sudden crash and such. It can be said that Bitcoin as a cryptocurrency has made people rich, brought stability to the crypto market that is still contingent on the fact that it continues to perform, and has laid out a direct path for others to adopt Blockchain technology which is an ultimate revolution. But even after all that, there are financial advisors and people out there holding their own opinion sacred and near and dear to their heart that it is one big scam, and at the end of the day, things are going to get worse for investors and Bitcoin’s momentum to set new price records will meet an unfortunate end.
Impacts of Mining on Environment
These are some of the grim details of a prediction made by Stephen Isaacs, an investment advisor at Alvine Capital, a London-based firm. Some of the key points from his notes about the future of Bitcoin are that the regulatory threats and the environmental impact that Bitcoin’s mining put out can bring serious consequences for the cryptocurrency in the upcoming years. Despite the fact that Bitcoin was able to present a working model around decentralization and might have achieved it, some serious threats still linger over its head, making the foreseeable future dark and out of sync.
Another concern put forth by Isaac is the fact that Bitcoin can be used by joint organizations to launder money and to defraud the system, which pulls on the regulatory string of things quite heavily, and if these jolts turn into reality anytime soon, the whole system is likely to plunge down the hole. Amid the climate change debate and some of the cryptocurrencies such as XRP and Ethereum taking a huge step in putting out technologies and initiatives that will definitely bring the carbon footprint of the currency a tad down and will propose new and improved ways of providing the power for the mining needs of their individual cryptocurrencies, Bitcoin, on the other hand, is lacking such initiatives at the moment.