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Market analyst and podcaster Preston Pysh says that Bitcoin (BTC) is in danger of falling prey to a big political push that could set back BTC adoption.
In a new interview, Pysh says the narrative that Bitcoin supposedly fails the environmental, social and corporate governance (ESG) test could be used to curtail the growth of the flagship cryptocurrency.
“I think the whole ESG stuff could get some type of political support. Like if I was going to throw out risks, I think it’s important for people to be realistic, and some of the risks could present themselves.
But I think the risk would be is you could have a major nation state, and let’s just use the United States as an example. Let’s say there’s a big political push that Bitcoin poses a threat to the dollar, and let’s use the ESG narrative as our tool to kind of really try to prevent this from proliferating throughout the country. And we’ll use the exchanges, and we’ll use the mining, and try to force them to not mine and all that kind of stuff. You could go down that path.”
The market analyst says that if such a push were to occur, it would delay Bitcoin adoption by some years.
“The thing that’s going to happen, at least what I would expect to happen, is it’s just going to set the Bitcoin adoption further back in the timeline…
So if you take some of the big actors – China’s already out, take the United States out. Say you do it with maybe the G7 [The Group of Seven] kind of teams up, and they all try to run this ESG thing, and they try to shut down all the mining and whatnot. I think that Bitcoin would be set back quite a few years through those types of efforts.”