Bitcoin is a popular and at the same time controversial cryptocurrency. One of the biggest criticisms of Bitcoin is its enormous energy consumption.
In September 2021, the People’s Republic of China became the first major country to ban trading in Bitcoin and other cryptocurrencies. The prices of cryptocurrencies reacted to this with a sharp drop. The handling of cryptocurrencies is also viewed critically in Europe, the USA and Russia.
In February 2022, the Russian government approved the concept for regulating cryptocurrencies and thus ruled out a ban on cryptocurrencies.
In March 2022, the Economic Committee of the European Parliament voted by a majority against a bitcoin ban. Instead, the new draft law provides for the inclusion of cryptocurrencies in the EU taxonomy. These are European Union guidelines that evaluate economic activities on the basis of their sustainability.
Also in March 2022, US President Joe Biden ordered a comprehensive investigation into the risks and opportunities of cryptocurrencies and the underlying blockchain technology. This is to examine various aspects such as the protection of consumers and investors, the impact of digital assets on financial stability, criminal transactions with cryptocurrencies or harmful consequences for the climate. The crypto community sees the president’s decree as a rejection of the crypto ban and is already celebrating it as a success.
Despite numerous criticisms, Bitcoin remains as the cryptocurrency of choice, which makes Bitcoin supporters optimistic about the future.