According to the latest cryptocurrency reports from the United Kingdom, a former Member of the UK Parliament has shared negative remarks about Bitcoin (BTC). As per reports, the former Member of Parliament for Stamford and Grantham criticized Bitcoin (BTC) for its negative impact on the economy.
The name of the former Member of Parliament for Stamford and Grantham, Nick Boles, shared negative feedback about Bitcoin (BTC) through his Twitter account. Nick Boles was the Member of Parliament for Stamford and Grantham from 2010 to 2019.
Nick Boles criticized the negative impact on the environment that has been caused by Bitcoin (BTC) and expressed his concerns through Twitter. In order to back his argument, Boles retweeted a post that was made by one of the correspondents from BBC “Rory Cellan-Jones”.
The BBC tweet shared by Boles showed that Bitcoin (BTC) has become the highest annual energy consuming asset in Argentina. The data had been compiled/acquired by the research teams from the University of Cambridge. Later, the data collected was presented in the Cambridge Bitcoin Electricity Consumption Index for a better understanding of the situation.
Further to the retweet, the former MP was extremely concerned about the amount of energy that Bitcoin (BTC) mining is consuming. He criticized how Bitcoin (BTC) is resulting in countries from around the world increasing their energy production to meet the high energy requirements.
Boles also demanded the central banks do something about the situation at the earliest. He stated that the central banks should ban any activities related to Bitcoin (BTC) at once. Furthermore, the banks should also force the Bitcoin (BTC) holders to either sell their BTC or exchange them with other cryptocurrencies.
He requested the entire cryptocurrency industry to look into the request and cooperate in order to put an end to the environmentally damaging side effects that Bitcoin (BTC) has been exerting.
He advised the entire cryptocurrency community that there are other cryptocurrencies that are somewhat environment friendly. The currencies apart from Bitcoin (BTC) do not require high energy consumptions and impose no harm to the real world at all. He asked that the cryptocurrency community protect the environment and move on to proof-of-stake networks that are environmentally friendly.
Ever since the beginning of the year 2021, Bitcoin (BTC) has been experiencing all-time highs. Despite a little upset and downfall to its price from January 10 to January 31, Bitcoin (BTC) has still managed to make a comeback.
In the past couple of days, Bitcoin (BTC) has hit its all-time high of $48k per BTC and its price is constantly going up. This is the reason why more cryptocurrency users are working to mine as much Bitcoin (BTC) as possible. Thus, the surge in the energy consumption being experienced due to Bitcoin (BTC) mining.