Latest Study Finds Banks Pollute More Than Bitcoin Does

Latest study finds that banks actually pollute more than Bitcoin does, despite thinking that mining is bad for the environment as we can read more in our latest bitcoin news today.

The research found that banks finance more destructive industries, for example, the British bank’s fund activities that pollute as much as the top 10 countries in the world. As per the latest study by Greenpeace and WWF, British banks are responsible for supporting projects that emitted 805m tonnes of CO2 two years ago, and just for reference, the experts estimated that UK generated 455m metric tons of CO2 in the same period.

The UK is a huge contributor to climate change and ranks in the top 20 most polluting countries with 370 billion metric tonnes of CO2. China and the US are also at the top of the list. The reports show that there are major alarming figures in the eyes of those that care about the environment:

“In the five years since the Paris Agreement, the world’s 60 biggest banks have financed fossil fuels to the tune of $3.8 trillion”.

The problem goes further. The latest study finds that globally, the investment of the big banks in fossil fuels has been increasing. The leading investors in these areas are JPMorgan, Wells Fargo, Bank of America, and JPMorgan, all of which are based in the United States. The discussions on environmental issues have been present before but it was this year that the ecosystem really caught fire as Elon Musk announced that Tesla will not stop accepting BTC as a means of payment due to the heavy dependence on dirty energy. The announcement catalyzed panic and stress for many enthusiasts which caused a crash of 50%.

BTC went from its ATH of $65,000 to lows of $30,000 in a few days. Some analysts argued that it was enough to change the price trends to bearish in the short term. In conjunction with the announcement, Musk also revealed that it was working with DOGE developers to improve the blockchain and to make it suitable for adoption. One of the advantages that Musk brings to the table is that DOGE’s consensus algorithm is better for the environment than Bitcoin is because it doesn’t demand as much energy.

Source: https://www.dcforecasts.com/bitcoin-news/latest-study-finds-banks-pollute-more-than-bitcoin-does/