Crypto company 7RCC is one step closer to launching a climate-friendly Spot Bitcoin ETF in the United States. On March 13, the New York Stock Exchange filed a so-called 19b-4 form, which is required to list the shares of the 7RCC Spot Bitcoin and Carbon Credit Futures ETF.
7RCC filed its S-1 filing with the U.S. Securities and Exchange Commission in December.
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The aim of the fund is to track the Bitcoin price, but also the value of so-called carbon credits. “The index seeks to enable exposure to Bitcoin with a climate-friendly approach, by offsetting emissions against carbon credits,” the filing said.
This is based on the narrative that Bitcoin mining is bad for the climate, which is not yet entirely clear. There are many examples in which we can see that Bitcoin is actually a plus for the planet.
For example, by consuming sustainable energy at times of overproduction, which producers cannot supply to the power grid. Why not? Because there is simply not enough demand at those times.
In this way, Bitcoin makes sustainable energy producers more profitable and in theory drives investments in that area; because they become more profitable thanks to Bitcoin mining.
Furthermore, Bitcoin also prevents the burning of excess gas supplies by oil producers. They often have to burn the gases they find, because it is simply not efficient to transport them and deploy them where they are needed.
So why is 7RCC launching this ETF?
7RCC is of course trying to respond to the feelings of investors. More and more people are rightly concerned about the planet. 7RCC is only trying to profit from this by coming up with a so-called green way to invest in Bitcoin.
The only thing that really turns green thanks to this ETF from 7RCC is the company’s wallet if it turns out that people are buying into this en masse. By the way, I don’t expect it to be a great success.
People who invest in Bitcoin will often want to do so immediately. If they then want to do something about the climate because they are concerned about emissions from the mining industry, it is better for them to arrange this themselves through other investments or donations.
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Source: https://newsbit.nl/7rcc-wil-klimaat-vriendelijke-bitcoin-etf-op-de-markt-brengen/
