Dieter Wermuth, an economist and partner at Wermuth Asset Management, believes that Bitcoin is a fundamentally useless asset. How true are his claims?
As Bitcoin rose to popularity, it has often received harsh criticism from the flagbearers of traditional finance. Since its inception, it has also been declared dead by almost 500 times.
The most recent attack on Bitcoin comes from Wermuth Asset Management, calling it: “a system for insiders to get rich quick, as well as a major climate killer, a result of the huge energy consumption of the datacenters that are crypto’s operational heart.”
Wermuth also writes, “Without crypto, the economy would be better off – there would be more money for consumption and investment.”
Debunking Wermuth’s Concerns for Energy-Extensive Mining
As the company specializes in climate impact investments, Wermuth took a dig at the energy consumption during Bitcoin mining.
However, last week, BeInCrypto reported that mining uses 38% less coal than the Electric Vehicle (EV) industry. In fact, Bitcoin mining is becoming increasingly greener, as more than 52% of energy is sourced through renewable energy.
Is Bitcoin Fundamentally Useless?
In the note, Wermuth pointed out that Bitcoin is a fundamentally useless asset. He says that it cannot be used to pay for stuff in a supermarket or to pay taxes.
However, multiple stores accept payment in Bitcoin, such as USAFoods, Whole
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Author: Harsh Notariya
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