Avanti Bank’s CEO Caitlin Long Wins Talking Out of Your A** Award
During a recent Bloomberg TV interview, Caitlin Long, the CEO of Wyoming based digital asset bank Avanti, stated “There is really no difference in the ultimate energy use between proof of work and proof of stake. I had to laugh out loud when I saw Elon Musk’s tweet today.”
Later, she said, “Well, gosh, for one thing on the ESG concerns, boy, if you looked at the traditional financial services industry, it is actually a lot less green than bitcoin is because, for one simple example, anytime you transact in a US dollar, it probably hits 6 different data centers, and every time that those data centers are processing the same transaction because the same transaction goes through so many different intermediaries with these layers and layers of intermediaries in our financial system, and, um each one is hitting a data center and the data centers are a majority fossil fueled ah, so if we were really honest with ourselves, um, we need to look at a true apples to apples comparison and realize bitcoin is more efficient.”
So Caitlin, how many bitcoin miners does each BTC transaction hit? It’s my understanding that the number is in the millions which is way more than 6. How is that more energy efficient?
It’s shame that Bloomberg talking heads Haidi Lun Stroud-Watts and Shery Ahn didn’t call out Caitlin Long on her obvious misstatements as they had conducted a much more productive interview a week before with Blockchain for Climate Foundation founder Joseph Pallant.
Charts from that interview show Bitcoin’s annual carbon emissions to be greater than American Airlines and almost as much as the entire US Government. Pallant also notes that Ethereum’s emissions will go to “close to zero” once they switch to proof of stake from their current proof of work.
Ms. Long, why would Ethereum bother switching to proof of stake if the energy use was the same as proof of work? Please do everyone a favor and avoid spreading falsehoods on TV going forward.