Greenpeace Criticizes Approval of Bitcoin ETF in the US

The international environmental organization Greenpeace has criticized the decision by the US Securities and Exchange Commission (SEC) regarding spot Bitcoin ETFs.

Our statement on the @SECGov‘s #Bitcoin ETF approvals. This is a win for Wall Street executives but a loss for the climate and society.

It is incumbent on @BlackRock & @Fidelity to play an active role in solving Bitcoin’s pollution problem.https://t.co/AudLXWUT8S

— Greenpeace USA (@greenpeaceusa) January 11, 2024

On January 11, the SEC approved applications for the launch of the instrument from Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton. Environmentalists view this as a victory for Wall Street, “but a loss for the climate and society.”

“Without significant and measurable changes in Bitcoin mining practices in the near term, this poses serious challenges to our efforts to reduce carbon emissions and prevent the worst impacts of the climate crisis,” the statement reads.

The organization called on BlackRock, Fidelity, and other financial institutions investing in the leading cryptocurrency to play an active role in addressing carbon emissions issues.

“When the price of Bitcoin rises, so does its environmental impact. Miners use more electricity […]. This electricity is predominantly produced from fossil fuels, leading to increased carbon emissions and water consumption,” Greenpeace added.

Some members of the crypto community met the organization’s post on X with criticism. One commentator noted that Bitcoin mining “incentivizes the development of renewable energy sources.”

You took $5 million from a billionaire to fund an anti-#bitcoin propaganda campaign.

Bitcoin mining incentivizes renewable energy buildout and already uses a higher mix of renewables than any other industry on the planet.

Educate yourselves. https://t.co/veSB0xfHNd

— Walker⚡️ (@WalkerAmerica) January 11, 2024

Another user wrote about Greenpeace receiving funding “from big banks and other criminals destroying the planet to spread misinformation.”

When did you become everything you use to stand against? Funded by big banks and other criminals destroying the planet to spread misinformation. Shame. ??

— Ron HODL Swanson ☂️☢️??⛏ (@RonHODLSwanson) January 11, 2024

In March 2022, environmentalists launched the “Change the Code, Not the Climate” campaign in collaboration with other eco-groups and Ripple co-founder Chris Larsen. Their main goal is to transition digital gold from the Proof-of-Work algorithm to Proof-of-Stake.

Some industry representatives criticized Larsen. Messari founder Ryan Selkis called him a “Judas” who “made billions in crypto markets but then threw Bitcoin under the bus.”

In the spring of 2023, Greenpeace introduced a mascot symbolizing the “dangerous levels of pollution” caused by mining the first cryptocurrency.

However, later the creator of the “Skull of Satoshi,” artist Benjamin Von Wong, stated that his work “was never intended to fight Bitcoin.”

Previously, ForkLog and industry representatives discussed the development of eco-friendly mining and its real prospects.