Tether CEO Stresses Bitcoin Importance Through 'Energy Harvesting'

Paolo Ardoino, Tether’s chief executive officer (CEO), has made a statement, stressing the importance of Bitcoin and the $BTC mining process, calling it “energy harvesting.”

Meanwhile, according to the recently published data, the Bitcoin market has entered the “extreme fear” zone.

Tether's CEO draws public attention to Bitcoin

In his tweet, Paolo Ardoino presented the Bitcoin mining process as a process of converting abundant global energy, which this year has been estimated at 204 Twh annually, or 0.5% of worldwide consumption, into the leading digital asset running on the proof-of-work algorithm and embraced by Wall Street.

“Bitcoin is energy harvested from the universe,” Ardoino tweeted today.

Thus, the Tether’s boss opposes various environmental concerns, portraying such energy use as the creation of “harvested” value rather than as a waste of energy and harm to the environment. Ardoino’s narrative is underpinned by the increasing adoption of renewable energy by Bitcoin miners.

However, among those who are concerned about the environmental impact of Bitcoin is Elon Musk, who in 2020 first announced Tesla's acceptance of $BTC for its electric cars and then reversed that decision. Even though more than 50% of Bitcoin mining since then has been conducted using renewable energy sources, Musk has not put Bitcoin back on Tesla’s payment options list as he promised to do in 2020.

Bitcoin enters "extreme fear" zone

Meanwhile, the Bitcoin Fear and Greed Index shows that the world’s largest cryptocurrency has stepped into the zone of “extreme fear,” showing the number eight at the moment. This move has likely been driven by the recent crypto market volatility, macroeconomic uncertainty and the declining performance of altcoins.

At the time of this writing, Bitcoin is changing hands at the $67,981 level after reaching an all-time high of $126,000 per coin in October last year.

Still, historically, the extreme fear zone has presented a big opportunity for bold investors. Among them, recently, is Michael Saylor’s Bitcoin treasury company Strategy. On Feb. 17, the $BTC evangelist announced that Strategy had conducted yet another crypto acquisition, as it scooped up 2,486 $BTC for approximately $168.4 million. Now, this largest Bitcoin treasury company holds 717,131 $BTC in total. This amount of crypto is valued at $48,768,794,850.