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- du_jdu_j
  ·2021-06-16
  Back to fundamentals... drugs do make people rich.
  5 Supercharged Stocks That Can Make You a Millionaire
  These innovative companies should deliver jaw-dropping long-term returns for patient investors.
  5 Supercharged Stocks That Can Make You a Millionaire
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- du_jdu_j
  ·2021-05-13
  The ESG concern is true.
  Why everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage
  KEY POINTS Elon Musk said Tesla had halted purchases of vehicles with bitcoin due to concerns over
  Why everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage
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That's because every crash or correction has eventually been put into the rearview mirror. In short, the stock market is a maker of millionaires.</p>\n<p>But to become a millionaire -- or better yet a multimillionaire -- you'll first need to buy and hold game-changing and innovative companies. The following five supercharged stocks all have the tangible and intangible attributes of companies that can make you a millionaire.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/143422e972067a40e53697240fb597a4\" tg-width=\"700\" tg-height=\"491\"><span>Image source: Getty Images.</span></p>\n<h2>Pinterest</h2>\n<p>Social media sites are mostly a dime a dozen, but up-and-comer <b>Pinterest</b> (NYSE:PINS) is proving to be something special. That's because unlike most social media destinations, its user growth hasn't hit a brick wall. In fact, after ending March with 478 million monthly active users (MAU), it's only a matter of time before Pinterest crosses the psychologically important 500-million-user threshold.</p>\n<p>Although U.S. MAUs generate considerably higher average revenue per user (ARPU) than international users, these ex.-U.S. users are Pinterest's key to sustainable double-digit growth throughout the decade. That's because it's going to be a lot easier for the company to double international ARPU multiple times in the 2020s than it'll be to double U.S. ARPU -- especially when greater than 90% of its user growth its outside of the U.S. to begin with.</p>\n<p>Pinterest's platform is also something of a dream come true for businesses. It's a platform where people willingly share the products, places, and services that interest them, which allows advertisers to effectively target their spending. As long as Pinterest can keep its users engaged, which has been accomplished of late by ramping up video usage, it shouldn't have any problem becoming a key e-commerce player.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75c8c7cdfeae935529dbccbf6b0c507c\" tg-width=\"700\" tg-height=\"490\"><span>Image source: Getty Images.</span></p>\n<h2>Cresco Labs</h2>\n<p>Marijuana is projected to be <a href=\"https://laohu8.com/S/AONE\">one</a> of the fastest-growing industries in North America this decade, and the U.S. is at the center of this growth. If a report from <a href=\"https://laohu8.com/S/NFC.U\">New Frontier</a> Data is correct, sales growth will average 21% through 2025. That makes U.S. multistate operator <b>Cresco Labs</b> (OTC:CRLBF) a potential millionaire-maker.</p>\n<p>Like it peers, Cresco Labs has a burgeoning retail presence. Taking into account its recently closed purchase of Bluma Wellness and its pending acquisition of Cultivate in Massachusetts, it'll soon have three dozen operating dispensaries and approximately <a href=\"https://laohu8.com/S/AONE.U\">one</a> dozen additional retail licenses in its back pocket. Quite a few of the states Cresco is targeting, such as Illinois, are limited license issuers. This means they have a preset number of retail licenses they'll issue in total. In other words, targeting limited-license states will ensure that Cresco can build up its brand without getting steamrolled by a larger player with deep pockets.</p>\n<p>What's even more impressive about Cresco Labs is the company's wholesale operations. Wholesale often gets a bad rap in the cannabis industry because it generates lower margins than the retail side of things. However, Cresco offers more than enough volume to offset any margin weakness. That's because it holds one of only a small number of cannabis distribution licenses in California, the largest pot market in the world. Being able to place its pot products into more than 575 dispensaries in the Golden State makes wholesale Cresco's greatest asset.</p>\n<p class=\"t-img-caption\"><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F630591%2Fsquare-card-terminal.png&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"520\"><span>Image source: Square.</span></p>\n<h2>Square</h2>\n<p>The War on Cash is alive and well, and fintech stock <b>Square</b> (NYSE:SQ) is leading the charge. Even with a $100 billion market cap, it could reasonably deliver a 500% to 1,000% return over the next decade.</p>\n<p>First and foremost, Square generates consistent growth from its foundational seller ecosystem. This is a segment that provides point-of-sale devices, analytics, loans, and other tools to help businesses succeed. In the seven years leading up to the pandemic, the seller ecosystem's gross payment volume (GPV) rose by an annual average of 49% to $106 billion. Since this is a merchant fee-based segment, the fact that a larger percentage of GPV is now coming from bigger businesses is a good sign for continued double-digit annual GPV growth.</p>\n<p>However, most folks are enamored with peer-to-peer digital payment platform Cash App -- and for good reason. Square announced that, in three years, Cash App's MAU count more than quintupled to 36 million. Moreover, the company is generating $41 in gross profit per new user and paying less than $5 to attract each new MAU. Those are millionaire-making margins. With Cash App giving Square the ability to generate revenue from merchant transactions, bank transfers, investments, and even <b>Bitcoin</b>&nbsp;exchange, the sky's the limit.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d1c334ff649af837a64937769eca0be\" tg-width=\"700\" tg-height=\"467\"><span>Image source: Getty Images.</span></p>\n<h2>EverQuote</h2>\n<p>Don't forget about small-cap stocks -- they can make you a millionaire, too. One fast-growing small-cap that finds itself in the perfect niche of a staple industry is <b>EverQuote</b> (NASDAQ:EVER).</p>\n<p>EverQuote operates an online insurance marketplace that allows consumers to compare policies. While insurance is a generally slow-growing (dare I say, boring?) industry, digital ad spending within the insurance industry is expanding quickly. Of the $16.7 billion in ad spending projected for 2021, $6.5 billion is digital spending. EverQuote solely operates in this digital ad space, which is expected to grow by an average annual rate of 16% through 2024.</p>\n<p>EverQuote's online marketplace is making the insurance buying and selling process so much more efficient. Consumers can do price-comparisons with the click of a button, while insurers can more effectively target their ad spend to motivated shoppers. Not surprisingly, 20% of all consumers who request a price comparison ultimately buy a policy through EverQuote's marketplace.</p>\n<p>As one final note, EverQuote has expanded beyond auto insurance into new verticals. These new verticals (home, rental, health, and life insurance) are growing at a considerably faster pace than its core auto insurance marketplace.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd67a054d6a438fccebe948326a3d8a8\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Redfin.</span></p>\n<h2>Redfin</h2>\n<p>The fifth and final supercharged stock that can make you a millionaire is technology-driven real estate company <b>Redfin</b> (NASDAQ:RDFN).</p>\n<p>To cover the obvious, Redfin has absolutely benefited from historically low mortgage rates, which has fueled home buying and selling activity. But there's more to like here than just favorable external factors.</p>\n<p>For example, Redfin has differentiated itself in the cost-savings department. Redfin fully understands that it can woo its clients by saving them a boatload of money during the home purchase/selling process. That's because it charges a listing fee of between 1% and 1.5%, which is up to two percentage points lower than traditional real estate companies. Considering how quickly home prices are rising, the amount Redfin is saving buyers and sellers is growing almost daily.</p>\n<p>Real estate companies will also struggle to match the personalization that Redfin brings to the table. Its Concierge service helps with staging and upgrades to maximize the value of a home being sold. Meanwhile, RedfinNow allows the company to buy homes for cash, thereby removing the usual hassles and haggling that comes with selling a home.</p>\n<p>It should be no surprise that Redfin's share of U.S. existing home sales has nearly tripled (0.44% to 1.14%) since the end of 2015.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Supercharged Stocks That Can Make You a Millionaire</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Supercharged Stocks That Can Make You a Millionaire\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-16 10:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/15/5-supercharged-stocks-can-make-you-a-millionaire/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Even though the major U.S. stock market indexes are within a stone's throw of an all-time high, history tells us that it's always a good time to put your money to work, as long as you're a long-term ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/15/5-supercharged-stocks-can-make-you-a-millionaire/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RDFN":"Redfin Corp","EVER":"Everquote Inc.","PINS":"Pinterest, Inc.","CRLBF":"Cresco Labs Inc."},"source_url":"https://www.fool.com/investing/2021/06/15/5-supercharged-stocks-can-make-you-a-millionaire/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143753069","content_text":"Even though the major U.S. stock market indexes are within a stone's throw of an all-time high, history tells us that it's always a good time to put your money to work, as long as you're a long-term investor. That's because every crash or correction has eventually been put into the rearview mirror. In short, the stock market is a maker of millionaires.\nBut to become a millionaire -- or better yet a multimillionaire -- you'll first need to buy and hold game-changing and innovative companies. The following five supercharged stocks all have the tangible and intangible attributes of companies that can make you a millionaire.\nImage source: Getty Images.\nPinterest\nSocial media sites are mostly a dime a dozen, but up-and-comer Pinterest (NYSE:PINS) is proving to be something special. That's because unlike most social media destinations, its user growth hasn't hit a brick wall. In fact, after ending March with 478 million monthly active users (MAU), it's only a matter of time before Pinterest crosses the psychologically important 500-million-user threshold.\nAlthough U.S. MAUs generate considerably higher average revenue per user (ARPU) than international users, these ex.-U.S. users are Pinterest's key to sustainable double-digit growth throughout the decade. That's because it's going to be a lot easier for the company to double international ARPU multiple times in the 2020s than it'll be to double U.S. ARPU -- especially when greater than 90% of its user growth its outside of the U.S. to begin with.\nPinterest's platform is also something of a dream come true for businesses. It's a platform where people willingly share the products, places, and services that interest them, which allows advertisers to effectively target their spending. As long as Pinterest can keep its users engaged, which has been accomplished of late by ramping up video usage, it shouldn't have any problem becoming a key e-commerce player.\nImage source: Getty Images.\nCresco Labs\nMarijuana is projected to be one of the fastest-growing industries in North America this decade, and the U.S. is at the center of this growth. If a report from New Frontier Data is correct, sales growth will average 21% through 2025. That makes U.S. multistate operator Cresco Labs (OTC:CRLBF) a potential millionaire-maker.\nLike it peers, Cresco Labs has a burgeoning retail presence. Taking into account its recently closed purchase of Bluma Wellness and its pending acquisition of Cultivate in Massachusetts, it'll soon have three dozen operating dispensaries and approximately one dozen additional retail licenses in its back pocket. Quite a few of the states Cresco is targeting, such as Illinois, are limited license issuers. This means they have a preset number of retail licenses they'll issue in total. In other words, targeting limited-license states will ensure that Cresco can build up its brand without getting steamrolled by a larger player with deep pockets.\nWhat's even more impressive about Cresco Labs is the company's wholesale operations. Wholesale often gets a bad rap in the cannabis industry because it generates lower margins than the retail side of things. However, Cresco offers more than enough volume to offset any margin weakness. That's because it holds one of only a small number of cannabis distribution licenses in California, the largest pot market in the world. Being able to place its pot products into more than 575 dispensaries in the Golden State makes wholesale Cresco's greatest asset.\nImage source: Square.\nSquare\nThe War on Cash is alive and well, and fintech stock Square (NYSE:SQ) is leading the charge. Even with a $100 billion market cap, it could reasonably deliver a 500% to 1,000% return over the next decade.\nFirst and foremost, Square generates consistent growth from its foundational seller ecosystem. This is a segment that provides point-of-sale devices, analytics, loans, and other tools to help businesses succeed. In the seven years leading up to the pandemic, the seller ecosystem's gross payment volume (GPV) rose by an annual average of 49% to $106 billion. Since this is a merchant fee-based segment, the fact that a larger percentage of GPV is now coming from bigger businesses is a good sign for continued double-digit annual GPV growth.\nHowever, most folks are enamored with peer-to-peer digital payment platform Cash App -- and for good reason. Square announced that, in three years, Cash App's MAU count more than quintupled to 36 million. Moreover, the company is generating $41 in gross profit per new user and paying less than $5 to attract each new MAU. Those are millionaire-making margins. With Cash App giving Square the ability to generate revenue from merchant transactions, bank transfers, investments, and even Bitcoin exchange, the sky's the limit.\nImage source: Getty Images.\nEverQuote\nDon't forget about small-cap stocks -- they can make you a millionaire, too. One fast-growing small-cap that finds itself in the perfect niche of a staple industry is EverQuote (NASDAQ:EVER).\nEverQuote operates an online insurance marketplace that allows consumers to compare policies. While insurance is a generally slow-growing (dare I say, boring?) industry, digital ad spending within the insurance industry is expanding quickly. Of the $16.7 billion in ad spending projected for 2021, $6.5 billion is digital spending. EverQuote solely operates in this digital ad space, which is expected to grow by an average annual rate of 16% through 2024.\nEverQuote's online marketplace is making the insurance buying and selling process so much more efficient. Consumers can do price-comparisons with the click of a button, while insurers can more effectively target their ad spend to motivated shoppers. Not surprisingly, 20% of all consumers who request a price comparison ultimately buy a policy through EverQuote's marketplace.\nAs one final note, EverQuote has expanded beyond auto insurance into new verticals. These new verticals (home, rental, health, and life insurance) are growing at a considerably faster pace than its core auto insurance marketplace.\nImage source: Redfin.\nRedfin\nThe fifth and final supercharged stock that can make you a millionaire is technology-driven real estate company Redfin (NASDAQ:RDFN).\nTo cover the obvious, Redfin has absolutely benefited from historically low mortgage rates, which has fueled home buying and selling activity. But there's more to like here than just favorable external factors.\nFor example, Redfin has differentiated itself in the cost-savings department. Redfin fully understands that it can woo its clients by saving them a boatload of money during the home purchase/selling process. That's because it charges a listing fee of between 1% and 1.5%, which is up to two percentage points lower than traditional real estate companies. Considering how quickly home prices are rising, the amount Redfin is saving buyers and sellers is growing almost daily.\nReal estate companies will also struggle to match the personalization that Redfin brings to the table. Its Concierge service helps with staging and upgrades to maximize the value of a home being sold. Meanwhile, RedfinNow allows the company to buy homes for cash, thereby removing the usual hassles and haggling that comes with selling a home.\nIt should be no surprise that Redfin's share of U.S. existing home sales has nearly tripled (0.44% to 1.14%) since the end of 2015.","news_type":1,"symbols_score_info":{"CRLBF":0.9,"EVER":0.9,"PINS":0.9,"RDFN":0.9,"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198075295,"gmtCreate":1620916151817,"gmtModify":1634195299016,"author":{"id":"3583700728927060","authorId":"3583700728927060","name":"du_j","avatar":"https://static.tigerbbs.com/f4451617abefbb1dcacedd81eba800c7","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583700728927060","authorIdStr":"3583700728927060"},"themes":[],"htmlText":"The ESG concern is true.","listText":"The ESG concern is true.","text":"The ESG concern is true.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/198075295","repostId":"1116555518","repostType":4,"repost":{"id":"1116555518","kind":"news","pubTimestamp":1620913985,"share":"https://ttm.financial/m/news/1116555518?lang=&edition=full","pubTime":"2021-05-13 21:53","market":"us","language":"en","title":"Why everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage","url":"https://stock-news.laohu8.com/highlight/detail?id=1116555518","media":"cnbc","summary":"KEY POINTS\n\nElon Musk said Tesla had halted purchases of vehicles with bitcoin due to concerns over ","content":"<div>\n<p>KEY POINTS\n\nElon Musk said Tesla had halted purchases of vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.”\nThe cryptocurrency uses more energy...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/13/why-elon-musk-is-worried-about-bitcoin-environmental-impact.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 21:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/05/13/why-elon-musk-is-worried-about-bitcoin-environmental-impact.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nElon Musk said Tesla had halted purchases of vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.”\nThe cryptocurrency uses more energy...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/13/why-elon-musk-is-worried-about-bitcoin-environmental-impact.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust ETF"},"source_url":"https://www.cnbc.com/2021/05/13/why-elon-musk-is-worried-about-bitcoin-environmental-impact.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116555518","content_text":"KEY POINTS\n\nElon Musk said Tesla had halted purchases of vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.”\nThe cryptocurrency uses more energy than entire countries such as Sweden and Malaysia, according to researchers.\nTreasury Secretary Janet Yellen has also warned about bitcoin’s environmental impact, saying it uses a “staggering” amount of power.\n\nElon Musk’sdecision to stopTeslafrom acceptingbitcoinas payment has led to fresh scrutiny of the cryptocurrency’s environmental impact.\nMusksaid Wednesdaythat Tesla had halted purchases of its vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.”\nHe alluded to data from researchers at Cambridge University which shows bitcoin’s electricity usage spiking this year.\nTesla won't sell its bitcoin — the automaker is sitting on$2.5 billion worthof the digital coin — and Musk said it intends to resume transactions with bitcoin once mining \"transitions to more sustainable energy.\"\n\"We are also looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction,\" Musk said.\nMusk's comments roiled cryptocurrency markets, which haveshed as much as $365.85 billion in valuesince his tweet.\nWhy is Musk worried?\nCritics ofbitcoinhave long been wary of its impact on the environment. The cryptocurrency uses more energy than entire countries such as Sweden and Malaysia, according to the Cambridge Bitcoin Electricity Consumption Index.\nTo understand why bitcoin is so energy-intensive, you have to look at its underlying technology, the blockchain.\nBitcoin's public ledger is decentralized, meaning it isn't controlled by any single authority. It's constantly being updated by a network of computers around the world.\nSo-called miners run purpose-built computers to solve complex math puzzles in order to make a transaction go through. This is the only way to mint new bitcoins.\nMiners do not run this operation for free. They have to shell out huge sums on specialized equipment. A key incentive of bitcoin's model, known as \"proof of work,\" is the promise of being rewarded in some bitcoin if you manage to solve its complex hashing algorithm.\nIt's worth noting thatdogecoin, which has risen wildly in price lately on the back of support from Musk, also uses a proof-of-work mechanism.\nCarol Alexander, a professor at the University of Sussex Business School, explains that bitcoin's mining \"difficulty\" — a measure of the computational effort it takes to mine bitcoin — has been going \"up and up\" over the last three years.\n\"More and more electricity is being used,\" Alexander told CNBC. \"That means that the network difficulty will also be going up (and) more miners are coming in because the hash rate's going up.\"\nBitcoin's price is up almost 70% so far this year. As it goes up in price, the revenue to miners also increases, incentivizing more participants to mine the cryptocurrency.\nMeanwhile, Musk isn't the only one who's worried about the environmental impact of bitcoin. In February, Treasury Secretary Janet Yellen warned that the digital coin is \"extremely inefficient\" for making transactions and uses a \"staggering\" amount of power.\nDoes bitcoin actually harm the environment?\nIt's complicated. On the one hand, bitcoin's network uses anunfathomable amount of energy. Much of the mining of bitcoin is concentrated in China, whose economy is still heavily reliant on coal.\nLast month, a coal mine in the Xinjiang region flooded and shut down. This took nearly a quarter of bitcoin's hash rate — or computing power — offline, according to crypto industry publicationCoinDesk.\nIn March, China's Inner Mongolia region said it wouldshut down cryptocurrency mining operationsin the region due to concerns over energy consumption.\nOn the other side of the debate, bitcoin investors have attempted to push back on the narrative that it's harmful for the environment.\nWhile it's difficult to determine the energy mix that powers bitcoin, some in the crypto industry say miners are incentivized to use renewables as it's getting cheaper to produce them. In China, the province of Sichuan is known to attract miners due to its cheap electricity and rich hydropower resources.\nLast month,Jack Dorsey'sfintech companySquareand Cathie Wood's Ark Invest put out amemoclaiming that bitcoin will actually drive renewable energy innovation. However, critics said they had avested interestin doing so.\nAlexander said the debate around bitcoin's environmental impact was misguided as most transactions with the digital asset aren't happening on the blockchain.\n\"Almost all the trading is not done on the blockchain,\" she said. \"It's done on secondary markets, centralized exchanges. They're not even recorded on the blockchain.\"\nESG concerns\nRegardless of whether bitcoin is actually a polluter or not, the negative connotations around its energy consumption have worried investors conscious of companies' ethical and environmental responsibilities.\nESG, or environmental, social and corporate governance, has become agrowing trendin financial markets, with portfolio managers increasingly incorporating sustainable investments into their strategies.\nSome Tesla shareholders may be worried that the company is betting big on bitcoin while also claiming to be a green energy company.\n\"Bitcoin backers will be wondering where this leaves the future of the cryptocurrency,\" Laith Khalaf, a financial analyst at investment firm AJ Bell, said in a note Thursday.\n\"Environmental matters are an incredibly sensitive subject right now, and Tesla's move might serve as a wake-up call to businesses and consumers using Bitcoin, who hadn't hitherto considered its carbon footprint,\" Khalaf added.\n\"Tesla's decision certainly puts pressure on other big companies who accept Bitcoin to review their practices, because boardrooms will now be wary about getting it in the ear from ESG investors on the shareholder register.\"","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":false}