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Binance CEO Weighs in on Crypto Energy Concerns

Binance-CEO-CZ-gives-concerns-about--electricity-for-crypto
  • Binance CEO, CZ, shades Elon Musk in a Bitcoin-related tweet.
  • CZ seemed to question Tesla’s electric-powered cars.
  • CZ’s tweet elicited a lot of support from the crypto Twitter community.

Binance CEO, Changpeng Zhao (CZ), took to Twitter to share his thoughts about the ongoing concerns regarding crypto energy use.

CZ’s tweet seems to be in direct response to Elon Musk’s Bitcoin comments earlier this month. Prior to this, Musk revealed that his electric-powered car company, Tesla, would no longer be accepting Bitcoin payments. In addition, Musk cited the top crypto’s excessive energy consumption as the reason behind the decision.

Musk’s comments sent Bitcoin price tumbling, dragging down the entire crypto market with it, and sparked widespread concerns. For instance, ecological NGO Greenpeace decided to stop accepting Bitcoin donations. While China renewed its battle against Bitcoin miners, for the same reason.

However, CZ’s response seems to point out the hypocrisy shown by both Musk and Tesla. At the time of writing, almost 20,000 Twitter users agreed with CZ. Also, one user @binancian  pointed out that Musk’s SpaceX company shoots rockets into the sky, which can’t be good for the environment.

Another user @JeffKirdeikis also responded to CZ pointing out that Bitcoin is more energy efficient compared to traditional finance.

In fact, a separate study by Greenpeace and WWF showed that banks cause more pollution than Bitcoin.

Meanwhile, Musk partnered with MicroStrategy CEO Michael Saylor, and some North American Bitcoin miners to form the Bitcoin Mining Council. Perhaps in an act of remorse, Musk aims to improve reporting Bitcoin energy consumption.

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Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.