Bitcoin vs. the Petrodollar: Which Is More Environmentally Friendly? - Ep.238

Last week, Tesla announced they will no longer accept Bitcoin as payment for vehicles. In a timely episode, Alex Gladstein, chief strategy officer at the Human Rights Foundation, and James McGinniss, CEO and co-founder of David Energy, come onto the show to discuss Bitcoin, the petrodollar, and how to contextualize the energy usage of the first cryptocurrency (BTC) versus the leading fiat currency (USD). Show highlights:

their backgrounds and how they became interested in the intersection of currency and energy usage

why Alex and James really think Tesla stopped accepting BTC as payment

why James thinks Bitcoin’s energy intensity is a “feature, not a bug” 

Alex on the history of the petrodollar and how the USD in recent decades has been tied to fossil fuel production

comparing the carbon cost of a dollar to Bitcoin’s energy consumption

what both James and Alex think of the Square and Ark Invest research paper saying renewable energy production could be tied with Bitcoin mining

why measuring Bitcoin’s energy usage is difficult

how Bitcoin mining in China is changing for the better

how the Biden administration might impact Bitcoin

where to find more information on Bitcoin and energy consumption

Thank you to our sponsors!

E&Y: https://ey.com/globalblockchainsummit 

Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2 

Kyber Network: Dmm.exchange 

Episode Links

People:

Alex Gladstein

Twitter: https://twitter.com/gladstein

Human Rights Foundation: https://hrf.org/ 

James McGinniss

Twitter: https://twitter.com/James_McGinniss

David Energy: https://www.davidenergy.com/ 

Recommended Reads:

“Uncovering the Hidden Cost of the Petrodollar” by Alex Gladstein

https://bitcoinmagazine.com/culture/the-hidden-costs-of-the-petrodollar 

“Think BTC is a Dirty Business? Consider the Carbon Cost of a Dollar” by Susan Su

https://susanfsu.medium.com/think-btc-is-a-dirty-business-consider-the-carbon-cost-of-a-dollar-c38122fb55c5 

“Bitcoin is Key to an Abundant, Clean Energy Future” by Square and Ark Invest

https://assets.ctfassets.net/2d5q1td6cyxq/2D2BnksJjavw4a6SUvAPwZ/c42a9e3a520b0cc3b230cda3b43eead5/BCEI_White_Paper_.pdf 

Elisabeth Steyn thread on Tesla and energy credits

https://twitter.com/Elisabeth_Steyn/status/1392799067986554880

“Tesla seeks entry into U.S. renewable fuel credit market” by Reuters

https://www.reuters.com/business/sustainable-business/exclusive-tesla-seeks-entry-into-us-renewable-fuel-credit-market-sources-2021-05-12/

“Debt” by David Graeber

https://www.amazon.com/Debt-First-5-000-Years/dp/1612191290 

Others:

Bitcoin energy consumption index

https://digiconomist.net/bitcoin-energy-consumption/

Cambridge study on cryptoassets

https://www.jbs.cam.ac.uk/wp-content/uploads/2021/01/2021-ccaf-3rd-global-cryptoasset-benchmarking-study.pdf

Triffin Dilemma

https://dailyreckoning.com/the-triffin-dilemma/

Alex Gladstein’s Recommended Follows:

Nic Carter https://twitter.com/nic__carter

Lyn Alden https://twitter.com/LynAldenContact

Susan Su https://twitter.com/susanfsu

Luke Gromen https://twitter.com/LukeGromen

Michael Hudson https://twitter.com/michaelwhudson

Learn more about your ad choices. Visit megaphone.fm/adchoices