Friday Update: 5 May 2023
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Highlights
(4 min read)
RFK Jr, the son of former US Attorney General Bobby Kennedy has become a vocal advocate for Bitcoin. Although he is portrayed as a controversial figure by the mainstream media, his views on Bitcoin are less divisive. He has spoken out against unfair FUD surrounding Bitcoin's energy usage, backs innovation in the industry, and advocates for privacy and freedoms for American citizens. As a speaker at the Bitcoin Conference 2023, his talk is sure to draw a crowd, and he may have the Bitcoin vote due to his alignment with Libertarian principles.
(4 min read)
In probably the most ill-informed act of pontification of the year so far, the White House has proposed a 30% excise tax on electricity used to mine Bitcoin. They cite the environmental and economic costs of mining, disregarding the renewable energy usage and benefits to power grids. While Bitcoin still operates on proof-of-work, basically all the other altcoins run on centralized proof-of-stake mechanisms. Even though millions around the world already use Bitcoin for transactions and as a hedge against the debasement of their money, the press release takes aim at the benefits of the industry, stating, “Alongside these known costs and risks, crypto mining does not generate the local and national economic benefits typically associated with businesses using similar amounts of energy.” This needless government meddling, masked as environmental concern is set to be phased in over the course of the next three years.
