But bitcoin is fighting back. In this “Making sense of the markets” post, we looked at the bitcoin energy council and how the bitcoin community would help bitcoin “go green.” They want to manage the PR problem for bitcoin as well.
And as Greg Foss of Validus Power Corp offered in that MoneySense link, many of these miners are packing up and heading to greener pastures, such as Canada.
Can green up its production and image? This Seeking Alpha post, ”Bitcoin goes green in major reversal,” laid out the potential for a positive being made out of serious challenges to bitcoin legitimacy. From that post and quoting Nic Carter, CEO of Castle Island Ventures…
“In the short term, writes Carter, there are many questions to be answered, but long-term, this is a good thing. ‘Whether it’s the U.S. or other locales that grow their market share at the expense of China, it will be a significant win for bitcoin’s decentralization, the stability of mining and bitcoin’s climate impact. At long last, bitcoin’s vulnerability to China and the CCP is melting away’.”
Short-term pain might bring positive change. In the end, if you like the asset, this is rebalancing time. Take from your assets that are performing well and add to your underperformers, such as bitcoin.
Don’t let emotion rule the day.
Of course, do your own research, and know your comfort level for volatility and risk.
The risks are real and bitcoin will make many enemies along the way. But in a world where many governments embrace modern monetary theory and suggest that government debt no longer matters, I’m happy to HODL bitcoin, and add on.