Calls mount for Louisiana state to buy Bitcoin following BlackRock divestment
Bitcoin supporters have asked to buy BTC after the Louisiana State Treasury announced it would sell about $794 million it held in BlackRock.
Louisiana State Treasurer John Schroeder In a letter to BlackRock CEO Larry Fink, he expressed dissatisfaction with the investment firm’s “woke” investment policy at the cost of destroying the Louisiana economy.
The investment policy in question relates to environmental, social and governance (ESG) principles that BlackRock has promoted in what it calls its “sustainable investment” criteria.
However, at its recent annual meeting, it was announced that the company was rolling back its ESG support based on shareholder perceptions that such policies would drive the pace of the transition to the environment, without considering other factors. became clear.
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ESG Refers to criteria for evaluating the socially conscious behavior of companies. But given the standards are arbitrary and there is no standard way to measure compliance, critics argue that ESG does little to promote responsible business conduct.
Commenting on Tesla’s exclusion from the S&P 500 ESG index in May, Elon Musk called the move a fraud and a tool “weaponized by false social justice warriors.”
Louisiana’s Top Industries Extraction of oil and natural gas, production of chemical products.
In a letter to Fink, Schroeder commented that property interests could support a company that “denies our state” longer.
That’s why, Schroeder said, it’s necessary to pull money out of investment managers to balance the state’s best interests and support for BlackRock’s ESG framework.
“This sale is necessary to protect Louisiana from actions and policies that actively seek to sabotage the fossil fuel sector. It is inconsistent with public interests and values.”
Several U.S. states, including Texas, Utah, Arkansas and West Virginia, have recently sold from BlackRock over similar concerns. .
All states mentioned arered state,” or Republican stronghold.
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Bitcoin proponents say Bitcoin is “real money” in the sense that it is politically neutral, has no agenda, and cannot depreciate.
and Tweet Will Hild, executive director of consumer group Consumers Research, posted a comment on the matter expressing support for the state of Louisiana to channel the proceeds of the sale into bitcoin.
for example, Scott A. Wolf,leader The Canadian Association of Community Health Centers has endorsed the idea of investing $39.7 million in Bitcoin, up to 5% of the proceeds from the sale.
“Put that 1-5% in Bitcoin for the people of Louisiana and future generations!“
Despite being contrary to ESG principles, black rock Own crypto mining stocks, Find BTC Private Trust For institutional investors.
