Cryptocurrencies And Climate Change
30 Jul 2021 — A study published in the journal Nature Climate in 2018 concluded that the growth of Bitcoin could produce enough emissions by itself to raise global temperatures 2 degrees Celsius as soon as 2033.
While critics warned that cryptocurrencies, especially Bitcoin will have a huge negative impact on climate change, recent study shows that this does not deter climate-savvy Singaporeans from investing in cryptocurrencies.
Previous climate change public perception study by the the National Climate Change Secretariat revealed that more than 90% Singapore residents are aware of climate change and its impact.
A recent survey by Independent Reserve on 26 July, 2021 showed that more than 90% of respondents also have knowledge of cryptocurrencies. The study saw 43% of Singaporeans owning cryptocurrency and with 46% respondents planning to buy crypto in the next 12 months.
Independent Reserve CEO Adrian P., mentioned that the strong awareness and adoption of crypto among Singaporeans in the survey findings are probably a natural reflection of the country’s progressiveness and commitment to preparing for the future.
Aside from that, Singaporeans are probably accepting the fact that cryptocurrencies are here to stay. They are confident that cryptocurrencies will evolve to have a much smaller ecological footprint while the industry’s energy consumption from energy sources that contribute to climate change will soon be transformed to alternative renewable sources i.e. solar and wind.