🌎 Bitcoin's Global Hegemony, 🙄 NYT falls flat, 🕵️ IMF unveils SpyCoin

Thursday Update: 13 April 2023

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Bitcoin and global hegemony: an analysis of the future of money (11 minute read)The third in a series at Geopolitical Monitor, this article analyses the potential impact of Bitcoin on the global financial system and the balance of power among nations. It is argued that Bitcoin's decentralised and borderless nature challenges the dominance of traditional currencies and the centralised institutions that control them, which could lead to a shift in global hegemony. The author also discusses the potential risks and opportunities of Bitcoin's adoption by governments, corporations, and individuals, including the potential for financial inclusion, economic growth, and geopolitical tensions. Overall, it presents a thought-provoking perspective on the implications of Bitcoin's rise for the future of money and power.

New York Times’ Bitcoin mining article falls flat (7 minute read)The NYT recently published a hit piece on Bitcoin mining, which has understandably been widely criticised for being sensationalist, inaccurate, lazy and biased. It claims that Bitcoin mining is a significant threat to the environment, but fails to provide any context or research to support its assertions. Bitcoin's energy consumption is in fact not a bug, but a feature that provides key benefits to the network. Bitcoin mining incentivises the use of excess and stranded energy, which would otherwise be wasted. This energy usage is a small price to pay for the decentralised and censorship-resistant properties of the network. In the end, as the price of Bitcoin continues to rise, the economic incentives for using renewable energy sources will only increase, making Bitcoin an important driver of renewable energy adoption.