A London-based money manager has just attached an ESG label to a Bitcoin exchange-traded fund, in a move that has environmental experts doing a double take.
Jacobi Asset Management says its Jacobi FT Wilshire Bitcoin ETF is an Article 8 fund, which under EU regulations means it has to “promote” ESG. It’s the latest addition to the Article 8 fund category, which Bloomberg Intelligence estimates now covers about $6 trillion of assets across an ever wider array of financial products.
There are few undertakings that are as energy intensive as mining for Bitcoin. The computing power needed to extract units of the cryptocurrency is estimated to use up about 140 terawatt-hours a year, which is roughly what the nation of Norway generated in 2022. “Buying a REC doesn’t represent any real-world relationship between digital assets and renewable power,” he said in an emailed reply to questions.
Bednall says he’s aware of criticisms of market instruments used to mitigate carbon emissions, and that Jacobi opted for RECs after looking into the available options.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Bitcoin ETF Deadlines Loom Again for SEC Ahead of Labor Day WeekendThe journey to a potential Bitcoin ETF has so far been long and arduous. But some key decisions in the race are likely coming this week as crypto faithful await to see how things play out this time.
Lire la suite »
Crypto SWOT: European crypto-related exchange traded products have seen a boost in flowsCommentaries from industry expert Frank Holmes focusing on gold price movements, what's moving markets and what to expect in the metals sector. This includes his weekly Gold SWOT analysis, which is also featured in his own Kitco News show Gold Game Film
Lire la suite »
Borroe teases massive gains with $ROE reaching notable growth before launchInvestors often evaluate new crypto projects by their utility to the crypto industry and early-stage […]
Lire la suite »
Four gold stocks that's a treasure trove for ESG-focused investorsKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Lire la suite »
ViaBTC: Navigating price volatility with hedging toolsIn the first half of 2023, crypto impressed the world as one of the top-performing […]
Lire la suite »
Crypto’s Latest Craze Friend.tech Is Overrun by Bots, ‘Speculative Games’The new platform that allows users to buy and sell crypto tokens linked to influencers like Grayson Allen is starting to fizzle after a meteoric rise.
Lire la suite »