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Things you buy through our links may earn New York a commission. Mike Novogratz, once a partner at Goldman Sachs who went on to be a hedge fund manager at Fortress Investment Group, has found his biggest financial success in cryptocurrency. The conversation has been edited for length and clarity. It was the biggest deal so far in the industry.

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Content:

• Cryptocurrency Is Not the Financial Promised Land
• Bitcoin boom minted nine new cryptocurrency billionaires in one year
• Bitcoin Is The Most ESG-Friendly Investment In My Clients’ Portfolios
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• Paying with Bitcoin: These are the major companies that accept crypto as payment
• Buy bitcoin and crypto instantly!
• Ghana has the 9th highest rate for cryptocurrency ownership out of 27 countries

WATCH RELATED VIDEO: THE WORST IS YET TO COME FOR BITCOIN!!!!!!!!

Cryptocurrency Is Not the Financial Promised Land

UK-based cryptocurrency venture Save Planet Earth has convinced investors it can make them rich and fix the climate, but its tree-planting vision is a long way from reality. Why would anyone pay such a huge premium? To find answers, Climate Home News dived into a community of cryptocurrency investors, connecting on messaging apps Telegram and Discord.

The aim? An investigation by Climate Home, drawing on interviews with government officials and experts in those countries, suggests this claim is vastly inflated. SPE was established in April by year-old Imran Ali, a project manager from the northern British city of Bradford, who previously worked in the waste and renewable energy sectors.

The company is part of a recent boom in cryptocurrency initiatives to overhaul carbon trading. These involve taking carbon credits out of the existing market and putting them on a blockchain where they can be bought with cryptocurrency, allowing traders to speculate on the price of a tonne of carbon. Growing demand for offsets is expected to push up prices. The buzz around cryptocurrencies provided him with a vehicle to fund carbon saving projects and raise awareness about the climate crisis, he explained.

SPE says it has attracted more than 80, investors. While Climate Home could not verify the figure, supporters of the venture exchange hundreds of messages every day on its Telegram channel. Ali said SPE was in talks with fossil fuel and mining companies interested in using its carbon credits to offset their emissions.

Cryptocurrencies are an alternative way to make payments. The technology behind it allows virtual money to be sent directly to others without using a centralised system, bypassing governments and financial watchdogs.

Each transaction of crypto assets is registered and verified on a blockchain, a computer-based system that uses digital keys to prove to the network who owns what. This makes blockchain networks transparent and difficult to cheat. Not necessarily. Blockchains used to support cryptocurrencies like Bitcoin are extremely energy-intensive. New generations of blockchain use a different security test that uses just 0. Blockchain applications for global carbon accounting are being explored.

The international community of investors backing SPE coordinate on Telegram to generate hype around the company, sharing memes and motivational chats with newcomers. Climate Home spoke to half a dozen SPE investors. Nearly all of them had previously invested in cryptocurrency.

None knew much about the carbon market. They trusted Ali to generate carbon credits that would increase in value and make them money. For most, saving the planet was secondary.

In practice, carbon pricing is not the only tool of climate policy. Want climate news in your inbox? Sign up for free to get our weekly newsletter and occasional extra bulletins. Nine months after its launch, SPE said it had contracts to plant 1.

These boasts were, at best, premature. In a follow-up email, Ali changed his story. He said SPE did not have permission to generate carbon credits on public land in Pakistan but agreements had been reached with private landowners, which he would not disclose. In fact, while SPE says it has planted 25,, trees to date, none have been used to generate carbon credits. This was done without the involvement or knowledge of the environment ministry.

Land for tree-planting is scarce. But Welikannage told Climate Home that while the agency had supported SPE in planting some trees on Earth Day , it was no longer in contact with the initiative. The choice of fruit trees raised an eyebrow for Meredith Martins, assistant professor at the North Carolina State University, who has studied agroforestry systems in Sri Lanka.

That requires clear agreements with stakeholders, land owners and authorities. SPE is one of a flurry of crypto ventures to have seized on surging demand for carbon offsets. Toucan, a nonprofit crypto initiative based in Switzerland, says its technology has allowed more than 18 million tonnes of carbon offsets to be tied to digital cryptocurrency tokens.

Supporters say this will make the carbon market more transparent, verifiable and easier to access for individuals and companies seeking to offset their emissions.

Trading carbon credits the traditional way requires an account with a dedicated registry, putting it out of the reach of small buyers. Carbon market experts are open to the idea in principle, sceptical in practice. Many are growing concerned about a proliferation of poor quality digital credits on the market. A key concern is that by putting credits on a blockchain, it removes it from the control of the carbon standard that issued it. Standard Verra has distanced itself from the trend of tokenising its credits, warning that once they are traded on a blockchain, it can no longer vouch for their environmental benefits.

Comment: Why I refuse to collude with polluters in the carbon offsetting lie. The use of carbon credits to offset emissions from burning fossil fuels is controversial, regardless of how transactions are carried out. There is a long history of forest carbon projects not delivering the claimed climate benefits — and a certification process to try and address these flaws. Trading carbon credits on a blockchain does not make them any better for the climate, argued Gilles Dufrasne , policy officer at Carbon Market Watch.

Carbon market incumbents have plenty of ideas on how to use blockchain to advance climate action and democratise finance, Hewlett said, but crypto entrepreneurs were not listening to the old hands. And that would be a missed opportunity. Investigative journalism takes time and expertise. With your support, we can dig deeper. Please consider a contribution to our work. Read more on: Carbon markets Carbon markets. The climate crisis - and how we confront it - is THE story of our lifetimes.

At Climate Home News, we believe journalism can make a difference. Our mission is to produce original reporting that informs, engages and inspires action. This takes time and expertise. Support our work today with a donation or by subscribing to our daily newsletter for exclusive extra content.

What is a cryptocurrency? What is blockchain? Climate Home.

Bitcoin boom minted nine new cryptocurrency billionaires in one year

Interest in cryptocurrency, a form of digital currency, is growing steadily in Africa. Some economists say it is a disruptive innovation that will blossom on the continent. Cryptocurrency is not bound by geography because it is internet based; its transactions are stored in a database called blockchain, which is a group of connected computers that record transactions in a ledger in real time. Created in by a person or people with the alias Satoshi Nakamoto, investors hope Bitcoin becomes the new mode of financial transaction in the digital age. It is no surprise that some of these countries are among the main Bitcoin economies in Africa. The BBC adds that cryptocurrency is gaining ground in Uganda. There will be million mobile phone subscribers in Africa by , according to the GSM Association, which represents the interests of mobile operators globally.

Bitcoin Is The Most ESG-Friendly Investment In My Clients’ Portfolios

If looking for one of the best crypto investments today, there are many reasons for considering Bitgert. The Bitgert team has one of the fastest-growing crypto projects in the industry today. Within 5 months since the project was launched, the Bitgert team has developed and released multiple products. The DeFi project is taking shape faster than any project that started at the same time, even in early The Bitgert team has the wallet, swap, audit program, and the staking process launched. These are products that launched in the first days. Currently, the Bitgert exchange launch is confirmed as Q1

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Many stars, especially from the National Football League and top politicians like the mayors of Miami and New York have gambled on getting paid in bitcoin and ether, the top two cryptocurrencies by market value. Eric Adams, the new mayor of New York, who wants to make the financial capital a major cryptocurrency hub in the face of competition from Miami and other cities, has announced with fanfare that his first three payrolls will be in crypto. It seems that it was not a good bet. It's for some athletes that the collapse in the value of bitcoin does the most damage as many sports stars have either converted their juicy endorsement deals to crypto or are only getting paid in crypto. This is the case of Odell Beckham Jr.

Paying with Bitcoin: These are the major companies that accept crypto as payment

Join an FPU class online or in person! Even so, investors have been looking for ways to make money on Bitcoin since it was created in Businesses are jumping on the Bitcoin bandwagon too, with more than one-third of small- and medium-sized businesses accepting it as payment. Even Wikipedia takes donations in bitcoin. So, is bitcoin just another get-rich-quick scheme or a legit investment worthy of your hard-earned cash?

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Ghana has the 9th highest rate for cryptocurrency ownership out of 27 countries

I am a financial advisor, and my clients have owned bitcoin since How ironic. There are several ways in which Bitcoin is a net positive for the environment, not a net negative. At minimum, Bitcoin aims to replace the market for gold.

Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. These offers do not represent all available deposit, investment, loan or credit products. What is often left out of the discussion about Bitcoin is how terrible it is for the environment. The powerful, specialized computers that are needed to mine Bitcoin gobble up enormous amounts of energy, which is why most of it is mined in China, where electricity is dirt cheap and regulations are lax.

Cryptocurrencies are never far from the headlines these days. While buying and selling cryptos is becoming increasingly mainstream, the opportunities to spend virtual currencies are somewhat limited in comparison due to its volatility. There are, however, a growing number of companies across a plethora of industries - from big tech to airlines - who are embracing cryptocurrencies, allowing customers to use them as an official method of payment for their goods and services. In November, Mastercard said it would allow partners on its network to enable their consumers to buy, sell and hold cryptocurrency using a digital wallet, as well as reward them with digital currencies under their loyalty programmes. The move would allow customers to earn and spend rewards in cryptocurrency rather than loyalty points. The credit card giant will be pairing up with Bakkt Holdings Inc, the digital assets platform founded in by NYSE-owner Intercontinental Exchange, to offer the new crypto services to its customers.

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