Will Elon Musk’s master plan for sustainable energy kick off a rally in green cryptocurrencies?
|- Elon Musk, CEO of Twitter announced a master plan for sustainable energy in a recent tweet.
- Musk’s team at Tesla is working on a detailed whitepaper with calculations and assumptions to release shortly.
- The sustainability narrative could fuel a rally in green cryptocurrencies like Cardano (ADA), Nano (NANO), Stellar Lumens (XLM) and Algorand (ALGO).
Elon Musk, the CEO of Twitter recently announced a plan for sustainable energy for everyone on the planet, in a tweet. This could fuel a narrative of sustainability among crypto market participants and fuel a rally in green cryptocurrencies Cardano (ADA), Nano (NANO), Stellar Lumens (XLM) and Algorand (ALGO).
Also read: How will Chainlink price react to dev platform that links Amazon Web Services, Meta to web3 apps
Elon Musk teases master plan for sustainable energy, is this a cue for crypto rally?
Elon Musk, the CEO of Tesla and Twitter teased a master plan for sustainable energy in a recent tweet. Musk affirmed that a whitepaper with calculations and assumptions will soon be shared by the team at Tesla.
— Elon Musk (@elonmusk) March 1, 2023
— Elon Musk (@elonmusk) March 1, 2023
Musk’s commitment to green energy and sustainability could fuel a new narrative of “sustainable” tokens in the crypto ecosystem. Tokens like Cardano (ADA), Nano (NANO), Stellar Lumens (XLM) and Algorand (ALGO) have a lower carbon footprint compared to others, according to a recent report.
Green cryptocurrencies are those whose mining activities are powered by renewable energy sources like solar, hydroelectric, and wind. A Crypto Carbon Ratings Institute (CCRI) report concluded that Polkadot is the lowest carbon footprint crypto asset, with even lower carbon emissions than Cardano, Solana, Tezos, Avalanche and Algorand.
If the “sustainability” narrative gathers steam, it could shine the spotlight on less popular and environment-friendly cryptocurrencies. Market participants could expect a spike in demand in DOT, ADA, SOL, among others.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.