According to a recent public poll, more than 50% of British people have voted in favour of Bitcoin, highlighting that banning Bitcoin will not result in any sort of improvement in the overall environment.
The poll also revealed that the British people in support of Bitcoin would not be willing to provide support to their government if it were to issue a complete crackdown on Bitcoin because of environmental hazards. The other half of the poll was mostly dominated by the elderly who were in favour of the banning of Bitcoin in the UK.
Bitcoin Price Roller Coaster 2021
Bitcoin has been experiencing a roller coaster of emotions when it comes to its price rate this year. The start of the year saw Bitcoin’s price reach an outstanding all-time high of around $65,000, which then saw a massive fall with the huge market correction, dropping to a low of $29k back in July. Now, with the launch of the first-ever Bitcoin ETF in the states and several other reasons, Bitcoin’s price has seen an impressive recovery, bringing the crypto to once more reach an all-time high of $67,000.
Energy Consumption of Bitcoin
While many people see Bitcoin as an angel that has far more value than Gold and is the key solution to solving the inflation issue, the process of mining Bitcoin is still a factor for environmental degradation because of the huge amount of energy production and consumption that is involved with the process. The total amount of energy consumption from Bitcoin mining has managed to cross more than that of many full-scale countries around the world, such as the Philippines. But despite all of that, more than 50% of British people still think that stopping Bitcoin will not lead to a better environment.
Taking a look at demographic statistics, most of the cryptocurrency space is dominated by males more than females, so it was pretty obvious that males would likely be against the ban on Bitcoin. In addition to that, young person, who is now involved in the crypto space are likely to support Bitcoin, unlike the elderly, who are not educated enough about the cryptocurrency space and will try to support the ban on Bitcoin in favour of keeping the environment clean.