Advertisement
Canada markets open in 5 hours 22 minutes

  • S&P/TSX

    21,873.72
    -138.00 (-0.63%)
     

  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     

  • DOW

    38,460.92
    -42.77 (-0.11%)
     

  • CAD/USD

    0.7312
    +0.0014 (+0.20%)
     

  • CRUDE OIL

    83.11
    +0.30 (+0.36%)
     

  • Bitcoin CAD

    87,585.20
    -3,737.65 (-4.09%)
     

  • CMC Crypto 200

    1,332.75
    -49.83 (-3.61%)
     

  • GOLD FUTURES

    2,337.80
    -0.60 (-0.03%)
     

  • RUSSELL 2000

    1,995.43
    -7.22 (-0.36%)
     

  • 10-Yr Bond

    4.6520
    +0.0540 (+1.17%)
     

  • NASDAQ futures

    17,451.25
    -213.25 (-1.21%)
     

  • VOLATILITY

    16.22
    +0.25 (+1.57%)
     

  • FTSE

    8,076.46
    +36.08 (+0.45%)
     

  • NIKKEI 225

    37,628.48
    -831.60 (-2.16%)
     

  • CAD/EUR

    0.6814
    -0.0005 (-0.07%)
     

Why Jack Dorsey, Elon Musk’s green case for Bitcoin doesn’t add up

Yahoo Finance Canada Videos

Twitter CEO Jack Dorsey sees bitcoin as a tailwind for green energy adoption, a view that drew approval from Tesla boss Elon Musk, a noted fan of the cryptocurrency.

Dorsey’s view counters criticism from Bill Gates and analysts at Bank of America, who have taken aim at the amount of energy used to mine bitcoin. Studies have shown the energy footprint rivals nations such as Argentina and the Netherlands.

Tom Rand, the managing partner at ArcTern Ventures, said Dorsey’s argument “doesn't actually make sense when you look at the bigger picture.” He also notes that major companies may shy away from embracing bitcoin, given the current rise of ESG practices.