- Academic experts and researchers from the French and South Korean central banks held a seminar to discuss the effects of crypto and climate change on the current economic landscape.
- Citing climate scientists as sources, an economist who predicted the 2008 financial crisis forecasted Bitcoin’s drop to zero.
Officials and representatives from the French and South Korean central banks met on Tuesday to discuss the impact of digital assets and climate change on the economy. They also explored the role of central banks amid the rapidly evolving financial landscape.
The Two-Day Seminar Between the French and South Korean Central Banks
According to Yonhap, a South Korean news agency, the two-day seminar focused on stablecoins and Central Bank Digital Currencies (CBDCs). Bank researchers and academic experts from both countries shared insights on the positive and negative impact of these innovations on payment systems and the international monetary framework.
Additionally, the parties examined how climate change amplifies inflation and its broader impact on the macroeconomy. Participants brainstormed the policy challenges posed by such factors and potential ways to address them.
The source claimed that the recent event is part of the French and South Korean central banks’ regular academic exchange program, which began in 2024. It also demonstrates strong cooperation between France and South Korea following their agreement last week to work together to ensure the safe passage of their respective ships through the Strait of Hormuz.
Climate Scientists Warn Bitcoin’s Crash to Zero
The discussion on climate change comes at an opportune time, as several countries grapple with the possibility of further economic and energy crises amid Middle East tensions. In this regard, Steve Keen, the economist who gained widespread attention for predicting the 2008 financial crisis, just dropped a bombshell on Bitcoin (BTC).
Echoing the infamous Bitcoin-hating Peter Schiff, a veteran gold investor and founder of Schiffgold, Keen forecasted BTC’s impending crash to zero. Some people immediately capitalized on the opportunity to sow further FUD (Fear, Doubt, Uncertainty) as crypto investors continue to navigate an overly bearish public sentiment.
Keen said Bitcoin’s energy-intensive requirement could be its ultimate downfall. Citing climate scientists as his source, he explained that BTC’s public ledger requires an enormous amount of energy to process transactions. The economist pointed out that it takes about 10 minutes of global computer processing to create an additional Bitcoin.
The model, therefore, makes it too expensive for anyone to try to break the ledger. Likewise, it eats too much energy. So, when the world is pressured to cut energy use, it would be the first to be hit by mitigating measures.
Keen’s commentary drew widespread criticism, with the crypto community pointing out the inherent flaws in his argument. Many found him merely beating around the bush, hoping to make some sense of his position. Meanwhile, others considered his statements to be only parroting the overused “energy trap” reasoning of many crypto critics.
Several individuals even mocked Keen for relying on climate scientists to cook his own financial advice about Bitcoin.
