Arca’s CEO, Rayne Steinberg

“The fact that this conversation around Bitcoin energy consumption is being driven by a celebrity like Elon Musk gives us more insight about our society than it does about the actual issue. Elon said Bitcoin is good and therefore it was. Now he says it is bad, so it is bad. Has the reality of the situation changed or does this illustrate the dangers of relying on the rich and famous to drive our decision-making? The energy consumption issue, like most things, is nuanced and has many factors to be considered on both sides. We feel, broadly, that when you compare the net energy consumed to what is possibly gained (a faster, more efficient and fair financial system), it’s more than a fair trade.”