Hi Everyone,
When I was a child, my family was fortunate enough to have a live-in maid five days a week.
I remember her talking about where she came from one time and even pointing it out on the globe, a part of that small strip of land between North and South America, and telling me how she had to leave El Salvador because of the corrupt government.
Half a lifetime later, it seems we've come full circle. Now, the government of El Salvador is vying to attract forward-thinking citizens and businesses, while the U.S. seems to be making moves to hamper the freedom of their citizens.
In a video released last night, Sen. Elizabeth Warren ripped into bitcoin and cryptocurrencies, describing the situation as an "environmental disaster" and stating her intention to regulate these digital assets more stringently.
The thing is that to the best of my knowledge, the U.S. government has never regulated any industry based solely on the amount of energy it uses.
Certainly the data farms of Google, Facebook, Amazon, and the like are extremely energy intensive, but you don't hear anybody calling for them to curb those emissions.
The esports industry, big banks, and even Christmas lights all use inordinate amounts of energy, so why single out Bitcoin?
The only reasonable answer comes late in the video where Warren asks her "experts" if it's possible to create a digital version of the U.S. dollar (a central bank digital currency) that would be less energy intensive. Huh?!
The blatant hypocrisy in this statement is palpable. To place all digital assets in a single energy-wasting basket with Bitcoin, but make a preemptive exception for a potential digital version of the U.S. dollar, doesn't make any sense and is revealing of the ulterior motives.
The fact is that a country's usage of energy is reflective of economic growth.
In our opinion, the problem here isn't the intense usage of energy, it's the methods used to produce it.
If politicians were really interested in tackling the root issue, they'd revitalize moves toward clean energy rather than limiting the ways that people use the energy that's already available.
