Unchained
Bitcoin vs. the Petrodollar: Which Is More Environmentally Friendly? - Ep.238
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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!
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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
“Bitcoin is Key to an Abundant, Clean Energy Future” by Square and Ark Invest
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
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