ESG Falls Short, Bitcoin Is A Socially Responsible Currency CryptoBlog

This is an opinion piece by Mickey Koss, a West Point graduate with a degree in economics. He spent four years in the infantry before moving to the Finance Corps.

This is the follow-up article to “Bitcoin Is ESG, ESG Is Not”.

Second part

Take a quick overview of the Top 100 Environmental, Social and Governance (ESG) Companies for 2022you start to feel like things might not really add up.

“These are the 100 best performing companies across all industries for 2022, assessed across a wide range of metrics, including efforts to address climate change; diversity, equity and inclusion; worker welfare and local job creation; and client confidentiality.

Alphabet, the parent company of Google, infamous in Bitcoin circles for its political bias, comes in at No. 1. censorship regime. Not to mention all the privacy issues regarding data tracking and ad targeting. That seems to leave a lot to be desired for socially acceptable behavior, and yet they’re ranked #1.

PepsiCo Inc. comes in at No. 12. While diabetes is the direct cause of death only 4% of the time, it’s listed as a contributing factor to deaths at up to 11.5%, putting it third. square – behind heart disease and cancer in the list of America’s greatest killers. I guess pushing liquefied sugar is considered a socially responsible business practice compared to something like cigarettes?

In terms of banks, Bank of America Corp. arrives at No. 5, Citigroup Inc. at No. 15 and Wells Fargo & Co. at No. 25 hilarious considering the The Wells Fargo Fake Accounts Scandal for which they were slapped just a few years ago. The most ironic part is how one of these companies made the list. US-based banks alone have amassed an impressive number $200 billion in fines over the past 20 years. Everything can be forgiven if you say the right things, I guess.

At the heart of the problem, scores are based almost exclusively on subjective values ​​disguised as objective measures. The impact investor seems to put a lot of emphasis on not investing in fossil fuel companies, thereby increasing their cost of capital and ultimately raising prices for those who can least afford it.

Policies have an impact; there are consequences for the decisions made. Europe is experiencing a growing crisis due to energy inflation. Maybe it was related to the closure nuclear plant on behalf of the ESG? I don’t know about you, but that doesn’t sound very “fair and inclusive”.

Bitcoin is a peer-to-peer permissionless value transfer network with growing functionality on its growing stack of application layers. It has an indigenous asset, non-dilutable by nation states and resistant to seizure and censorship.

It cashes in the unbanked and it cashes in the unbanked, protecting them from the ravages of global hyperinflation – a phenomenon developing countries know all too well.

Bitcoin has no agenda, no values ​​to impose on its user base as a way to appease capital allocation gods like BlackRock. Bitcoin is fair. Bitcoin does. Without judgment, without discrimination, without redlining, without opening fake accounts in your name, without paying billions of dollars in fines every year, without giving you diabetes or censoring your search results.

Bitcoin is rules without rulers – where everyone is treated the same, because there’s no way to do anything other than that. Bitcoin is a socially responsible currency.

This is a guest post by Mickey Koss. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

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