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Billionaire Chris Sacca Claims that He Holds Bitcoin since 2014

Hassan Mehmood

ByHassan Mehmood

May 18, 2021

Chris Sacca appeared alongside Mark Cuban in the famous series Shark Tank. He has been among the biggest and earliest proponents of cryptocurrencies. In a Twitter thread hosted by Mark Cuban, the Lowercase Capital founder admitted that he holds both Bitcoin and Ethereum. He also remarked that the issue with the massive crypto-mining footprint could not be ignored. Sacca first bought Bitcoin for $800 in 2014. 

In the 2017 bull run, he claimed that Bitcoin institutional adoption would become a mainstream phenomenon that has come true in the current bull run. Before Sacca invested his money into cryptocurrencies, he was cynical about their sustainability. He even claimed in 2013 that the mining process is an environmental catastrophe. He has recently claimed that the mining aspect is a mere impetus for the introduction of more green energy projects.

Bitcoin is Losing Favor with Big Proponents due to its Environmental Detriments

Elon Musk, CEO of Tesla Inc., is known in the crypto world to be the driving force behind making the flagship cryptocurrency more mainstream. However, he recently tweeted that Tesla would no longer be accepting Bitcoin on account of its massive fossil fuel consumption. In the tweet, Musk also said that increasing interest in Bitcoin mining is making way for rapid loss and consumption of limited fossil fuel resources like coal.

Even though Tesla has stopped accepting Bitcoin as payment for its products, the enterprise has ruled in favour of keeping the beacon cryptocurrency on its balance sheet. It seems like the company is interested in long-term holding and using the Bitcoin transactions when the mining process will switch to more sustainable energy projects. Musk has also come under fire for his new stance on Bitcoin by retail investors and institutional stakeholders like Ark holdings.

Campaign for more Sustainable Projects

Now that the world has witnessed the potential of Bitcoin, there is a good chance that the mining community would be interested in promoting more renewable energy projects to keep going forward. The cryptocurrency craze attracts investors from every part of the world looking for bigger blockchain projects. However, Bitcoin has started to lag behind the race due to its massive energy consumption requirements. 

Square Inc. and ARK invest have recently published an article in collaboration with each other that reaffirms the need for sustainable energy projects advocacy through crypto mining. Meanwhile, big-time mining farms like Digihost are trying to make changes at the base level by switching 90% of their energy generation process to zero carbon emission resources. These claims would need to be put to the test before they can be warranted.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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