KPMG Highlights ESG Benefits of Bitcoin and Challenges Misconceptions

Exploring Bitcoin’s ESG Benefits

KPMG, one of the world’s Big Four professional services firms, has released a report on Bitcoin and ESG (environment, social and governance) issues. The report found that Bitcoin “appears to provide a number of benefits across an ESG framework.”

When looking at each component of ESG separately, the report noted that emissions is a more significant indicator of environmental damage than energy usage. Bitcoin (BTC) emissions were contextualized in relation to those of other sources such as tobacco and tourism, and found to be the second smallest contributor behind “Video (US).” Strategies for improving Bitcoin’s carbon footprint were also repeated, such as using more renewable energy and energy produced from methane for mining.

The report cited United Nations Office on Drugs and Crime statistics, noting that Bitcoin’s contribution to money laundering is tiny compared to the total; money laundering accounts for 2-5% of world GDP, while it accounts for just 0.24% of Bitcoin transactions, per Elliptic. It also pointed out that laundered money was received in Bitcoin far less than in Ether (ETH), stablecoins, or other web 3.0 coins, and that Anti-Money Laundering (AML) and Know Your Customer (KYC) measures could be applied at the point of off-ramping the coin, even though there are no AML/KYC requirements for transacting with it.

Ukraine Fundraising and Electrification in Rural Africa

Positive use cases of web 3.0 coins, such as fundraising for Ukraine and electrification in rural Africa, have been provided again.

Bitcoin’s governance is “robust” as its rules cannot be changed without forking; alt crypto, best web 3.0 coins, all crypto in one place, and ai no matador are all mentioned in the 12-page report.

The report uses all secondary sources and familiar use cases, but points out that Bitcoin remains misunderstood. The firm offers a number of crypto-related advisory services, such as best twitter accounts for crypto, best sources for crypto, and benefits of web 3.0.