Kimbal Musk, Elon’s Brother, Says He’s ‘Violent’ Opposition to Cryptocurrency
Elon is one of the most outspoken individuals in the cryptocurrency sector, but his brother Kimbal Musk has his own beliefs when it comes to the digital asset class.
Kimbal stated in an interview with Input Magazine that he is concerned about the negative impact of cryptocurrency on the environment.
He didn’t mince words, actually:
“I strongly oppose anything with that degree of environmental damage,” Kimbal told Input Magazine.
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Kimbal Musk Calls Crypto an ‘Environmental Crisis’
“Cryptocurrency as it currently exists is a no-starter. I fully agree that we need to solve this environmental crisis,” he said.
It has been shown that mining Bitcoin consumes a lot of energy. A single BTC transaction is expected to consume 2,292.5 kilowatt hours of electricity, which is enough to run a normal American home for nearly 80 days.
This is why his brother Elon stopped accepting bitcoin payments for Tesla vehicles last year, despite the electric car maker still having about $2 billion worth of bitcoin on its balance sheet.
With over 200,000 transactions per day — and still counting — concerns about crypto’s environmental impact have increased.
Tesla announced on February 8 last year in a filing with the U.S. Securities and Exchange Commission that it had invested $1.5 billion in Bitcoin.
BTC total market cap at $744.56 billion in the daily chart | Source: TradingView.com
Tesla ‘very ignorant’
Elon’s younger brother stated last week that Tesla was initially “completely ignorant” of Bitcoin’s environmental implications when it introduced the cryptocurrency to its balance sheet.
Kimbal is the owner of eco-friendly restaurant company The Kitchen and reportedly has a net worth of $700 million.
He sits on the boards of directors of Tesla and SpaceX and has a significant stake in the space exploration company.
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Kimbal announced in December last year the development of a Decentralized Autonomous Organization (DAO) with the aim of enabling “decentralized charity”.
He discussed several issues with Input Magazine, including his thoughts on wealth and his food equity cryptocurrency initiative, “Big Green DAO”.
Built on the Ethereum blockchain, BGDAO gives each member one vote over the decisions of the decentralized autonomous organization.
About carbon footprints and being ‘cautious’
Kimbal expressed optimism about Ethereum 2.0, which is expected to consume significantly less energy than ether and is also expected to be more secure.
Meanwhile, environmentalists argue that the rise of cryptocurrency is creating a huge carbon footprint, thereby contributing to the global climate problem.
Kimbal also shared the tips his brother has given him when it comes to cryptocurrencies.
“To be honest, I have no idea what his stance is on crypto,” he told Input. “The most important advice I’ve received from my brother is ‘be careful,'” he said.
Featured image of MarketWatch, chart from TradingView.com