Where ESG Falls Short, Bitcoin Is Socially Responsible Money

Scores for companies' environmental, social, and governance are almost entirely based on subjective values disguised as objective measures.

This opinion editorial is by Mickey Koss (West Point graduate with an economics degree). After serving four years in the infantry, he was transferred to the Finance Corps.

This article is a follow-up to "Bitcoin is ESG, ESG Does Not"

Part 2

You start to feel that maybe things are not quite right when you look at the Top 100 Environmental, Social, and Governance (ESG) companies for 2022.

These are the 100 best-performing companies in all industries for 2022. They were evaluated using a variety of metrics including efforts to combat climate changes; diversity, equity, and inclusion; worker wellbeing and local job creation; customer privacy.

The No. 1 spot is occupied by Alphabet, the parent company of Google. No. 1 is Alphabet. This parent company of Google is notorious for its politically biased censorship system. All privacy concerns when it comes data tracking and targeting ads are also addressed. They're still ranked No. 1.

PepsiCo Inc. is ranked No. 12. Although diabetes is only a 4% cause of death, it is listed as a contributor in nearly 11% of deaths, which puts it third behind cancer and heart disease in the top 10 killers in America. If compared to cigarettes, liquified sugar can be considered a socially responsible business.

Bank of America Corp. is the No. 1 bank in terms of banking institutions. 5 Citigroup Inc. is No. 15 and Wells Fargo & Co. at a funny No. 25 when you consider the Wells Fargo Fake Accounting Scandal they were slapped with just a few year ago. Ironically, none of these companies even made it onto the list. Over the past 20 year, fines accumulated by U.S.-based banking institutions have reached a staggering $200 billion. If you speak the right words, all can be forgiven.

The crux of this matter is that scores are almost entirely based on subjective values disguised as objective measures. The Impact Investor puts a lot emphasis on not investing into fossil fuel companies. This causes them to increase their capital cost and ultimately increases prices for those who cannot afford them.

The policies have an impact and the decisions you make will be repercussions. Europe is experiencing a crisis because of energy inflation. Perhaps it was due to the ESG shutting down of nuclear plants. This doesn't feel fair or inclusive to me, I don't know.

Bitcoin is a peer-to-peer, permissionless value transfer network that allows for peer-to-peer exchanges. It has increasing functionality thanks to its expanding stack of application layers. It is a native asset that is unilutable by national-states and immune to seizure or censorship.

It banks the unbanked as well as the debanked to protect them against the ravages global hyperinflation, a phenomenon that many in the developing world are too familiar with.

Bitcoin does not have an agenda or values that it can force upon its users as a way to appease BlackRock's capital allocation gods. Bitcoin is just that. Bitcoin does what it says. Bitcoin works without judgment, discrimination, redlining, and without opening fake accounts for you. You won't have to pay billions of dollars each year in fines, nor will it give you diabetes.

Bitcoin is rules without rulers. Everyone is treated equally because there is no other way. Bitcoin is socially responsible money.

This guest post is by Mickey Koss. These opinions are not necessarily those of BTC Inc. and Bitcoin Magazine.

By: Mickey Koss
Title: Where ESG Falls Short, Bitcoin Is Socially Responsible Money
Sourced From: bitcoinmagazine.com/business/esg-falls-short-bitcoin-is-socially-responsible-money
Published Date: Sat, 17 Sep 2022 07:00:00 GMT

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