Senator Joe Manchin of West Virginia recently struck a blow to the Biden administration’s “green” agenda, declaring his unwillingness to support the $1.9 trillion Build Back Better initiative. This project includes items that in the coming years will allow the United States to switch from fossil fuels to alternative and renewable energy.
The senator considers the growing inflation to be the main obstacle.
However, the policy is based on negotiations, and the fact that discussions have now reached an impasse does not mean that the initiative will not be resumed in 2022.
Climate change is not a problem of the United States alone. Many countries have already embarked on more environmentally friendly tracks. Energy resources are necessary to support the economy and people’s daily lives. The transition from hydrocarbons to cleaner fuels will have an impact on all asset classes, and cryptocurrencies will not be an exception.
In 2022, the growing segment of digital assets is likely to be very sensitive to environmental issues. Bitcoin mining, for example, is characterized by high energy consumption. We can expect that in the coming months and years, this asset class (combining more than 16,100 different tokens) will move to a more environmentally friendly path.