Bitcoin has been under fire for some time for its environmental toll, with chief concerns arising from the amount of power it takes to create bitcoin and bitcoin transactions. The reality is nuanced, and bitcoin can create a lot of social good as well. The chief criticism — that it takes the emissions of the entire country — is true, but many other industries can say the same. The production of concrete, for example, consumes more energy than India.
ESG-minded investors interested in crypto assets can look at the Valkyrie Bitcoin Strategy ETF (BTF). Valkyrie is one of the signatories on the Crypto Climate Accord, which seeks to decarbonize the global crypto industry by prioritizing climate stewardship and leading the industry to net-zero greenhouse gas emissions by 2040. The Accord has two objectives:
- Achieve net-zero emissions from electricity consumption for CCA Signatories by 2030.
- Develop standards, tools, and technologies with CCA supporters to accelerate the adoption of and verify progress toward 100% renewable-powered blockchains by the 2025 UNFCCC COP 30 conference.
Valkyrie is joined on the Crypto Climate Accord by a number of notable firms, including Canadian mining company HUT 8, which mines using environmentally conscious techniques and green energy.
BTF is the second bitcoin futures ETF to launch in the U.S. In an interview with CNBC, Valkyrie CEO Leah Wald said, “We do believe that our team’s deep expertise in these markets does give us an edge over other offerings.”
Beyond their commitment to the “E” part of “ESG,” Valkyrie also has deep, abiding interest in the “S” and “G.” For example, Leah Wald has spoken about the importance of women in the crypto space on the Anita Posch Show podcast.
If these trends continue, Valkyrie Investments will fight not just for the emerging crypto sector, but also for standards and practices that will make the world a better place.