“We shouldn’t apologize for Bitcoin’s energy usage, crucial things in the world use energy.”

Anthony “Pomp” Pompliano said that there is no need to “apologize” for Bitcoin’s energy use because “crucial things in the world use energy.”

Pomp made the comments in a Dec 27 interview on CNBC’s morning news and talk program, “Squawk Box,” with Joe Kernen.

During the interview, he also claimed that many people are missing “key points” in the “climate argument” against the BTC. It is especially in terms of comparisons with fiat currencies like the U.S. dollar.

He further added:

“There is a linear relationship between energy consumption and the dollar system. To support more users and more transactions, we need to consume more energy, more data centers, more bank branches, more ATMs.”

• Bitcoin employ 8X the energy of Google and Facebook

The interview of the Pomp was broadcast on the same day as the release of new research from Trading Platforms. The research found out that the energy consumption of the Bitcoin (BTC) ecosystem is eight times (8X) as compared to the amount of both Google and Facebook combined.

Moreover, the report assessed that “fears lie in the amount of electricity that such a small sector consumes. The Cambridge Bitcoin Electricity Consumption Index states that the BTC ecosystem consumes 125.04 terawatts per hour annually. This consumption is similar to the energy use of an e small country such as Chile or the Philippines.

Ultimately, the controversy surrounding BTC’s energy consumption is far from new and is unlikely to settle itself any time soon.

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The crypto exchange recently revealed its financial results for the first quarter of 2021. Coinbase reported a massive estimated revenue of around $1.8 billion and a trading volume of $335 billion.  

According to the announcement from Binance, Coinbase Stock Token (COIN) will be listed on the world’s largest crypto exchange today, April 14. Users of the platform will be able to access trading pair COIN/BUSD and trade fractional Coinbase stock. Binance previously listed Tesla Inc. (TSLA) Stock Token.

Ahead of today’s Coinbase listing, Bitcoin’s price has increased on Tuesday to reach an all-time high of over $63,000. This brought its year-to-date price increase to over 110%, according to Business Insider. It could be the enthusiasm around the upcoming public debut of Coinbase or another factor. Yet, Bitcoin’s price continues upwards today. Its market cap is over $1.2 trillion, per Coin Market Cap data. Moreover, it is trading at around $64,600 at the time of writing.

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According to NewsBTC, Powell sees direct listing happening if the firm’s valuation reaches about $20 billion. Moreover, he also believes that cryptocurrency firms could replace legacy companies over the coming ten years.

Coinbase, the leading U.S.-based cryptocurrency exchange and Kraken’s rival, is scheduled to go public via a direct listing on the Nasdaq stock exchange on April 14. The company has also recently published its results for Q1 and reported $335 billion in trading volumes. Coinbase chose direct listing instead of a more traditional initial public offering (IPO), and Kraken plans to follow suit next year.

In other news related to Kraken, the Tax Division of the U.S. Department of Justice has filed a request to the court to receive access to the information about Kraken’s customers. According to Decrypt, the regulator requested account data of American taxpayers. Those include individuals with at least $20,000 worth of crypto in their Kraken accounts in the period between 2016-2020. However, the judge asked for justification of this request.

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Coinbase is the third-largest cryptocurrency exchange on CoinMarketCap.com by liquidity, traffic, and trading volumes. According to Finance Magnates, the financial results also show that the company’s net income in Q1 is around $730-800 million. Moreover, the number of verified users on the exchange in Q1 is over 56 million.

In the announcement, Coinbase also gave predictions on monthly transacting users (MTUs) in 2021. The company expects the number of MTUs to continue growing to 7 million if the crypto market cap keeps increasing. With the crypto market cap remaining flat, Coinbase expects an average of 5.5 million MTUs. Moreover, with the crypto market cap decreasing significantly, it expects a “low” average of 4 million MTUs.            

Coinbase will be going public via a direct listing on April 14 on the Nasdaq stock exchange. It will be trading under the ticker COIN, CNBC reports. Initially, the listing was supposed to happen in March but was delayed until April. After the publication of the financial results, investment bank DA Davidson increased its price target for the company shares ahead of direct listing by 125%.

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At the beginning of March, Goldman Sachs announced the reopening of its crypto desk. In particular, the desk deals with Bitcoin futures contracts and non-deliverable forwards. Initially, the company planned to open a Bitcoin trading desk in 2018. However, back then they put the initiative on hold.

In another exclusive report from CNBC earlier this month, another major investment bank, Morgan Stanley, revealed that it would offer its wealthy clients access to Bitcoin funds. Morgan Stanley has made other moves in the cryptocurrency space since then. According to Forex Crunch, the bank reportedly planned to make an investment in the Korean cryptocurrency exchange Bithumb. This happened shortly after the announcement. Moreover, yesterday CoinDesk reported that Morgan Stanley enabled some of its mutual funds to make indirect investments in Bitcoin.

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The acquisition is predicted to finish in the first half of 2021. There was no mention of the financial details of the crypto security company acquisition in the press release. However, CNBC suggests the sum to be under $200 million. In October last year, PayPal launched a service that allows the company’s clients to use their accounts for holding, buying, and selling cryptocurrency.  

It could still be a long way before cryptocurrencies reach mass adoption worldwide. Meanwhile, payment providers develop services allowing their clients to use crypto for making purchases. In addition, Citi bank suggested that Bitcoin’s decentralized nature, security, and neutrality, among its other characteristics, could push it closer to mainstream adoption.

Visa announced last month a pilot program of APIs that banks could use to offer Bitcoin banking services to their clients. Moreover, MasterCard is planning to support stablecoins on its network. Crypto exchanges also go into crypto payment technology, with Bitfinex recently introducing its Bitfinex Pay, and Binance launching Binance Pay.

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