Change the Code Rails Against Wall Street Incumbents
Change The Code, a campaign backed by Greenpeace and EWG, is calling out Wall Street companies for their support of Bitcoin activities. It criticizes financial incumbents such as Fidelity, Blackrock, Vanguard, JPMorgan, Goldman Sachs, and Citi for holding shares in mining companies valued at over $1.35 billion. The campaign accuses Wall Street of “going all in on Bitcoin” and directly supporting activities that harm the environment. Change The Code demands accountability from these incumbents and urges them to support a code change that would make Bitcoin more energy-efficient.
Change the Code Objectives
The campaign to change the code of Bitcoin aims to raise awareness about the energy requirements of the network and its impact on the environment. It initially launched in March with the support of green organizations and crypto groups. However, the recent surge of Bitcoin-related projects backed by established financial companies has prompted the campaign to take a more aggressive stance. It criticizes these companies for turning a blind eye to Bitcoin investments that contribute to climate chaos. The campaign advocates for Bitcoin to switch to a proof-of-stake consensus algorithm, which would significantly reduce its energy consumption.
Hot Take:
The Change The Code campaign highlights the hypocrisy of Wall Street companies that claim to be environmentally conscious while supporting Bitcoin activities with high energy consumption. By calling for a code change to make Bitcoin more energy-efficient, the campaign aims to hold these incumbents accountable for their “dirty investments.” It’s crucial for the cryptocurrency industry to address its environmental impact and strive for sustainability.
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