The World Economic Forum Attacks Bitcoin, Backs Ethereum

The current trendy propagandist push against Bitcoin is that it is bad for the environment, an attack line perfect for an organization like the World Economic Forum. The reality is that Bitcoin mining can actually be good for the environment, but truth has never been a strong priority of the Green Movement.

The WEF’s problem is with the way Bitcoin is “mined”. Like everything else done in the world Bitcoin mining requires energy, this is a catastrophe if sold in a slanted and dishonest framework to the masses. The real question is how is that energy used and for what purpose.

Bitcoin mining requires computers, space to host them, and energy to run them. Miners will naturally go to where energy is cheapest, which presents an amazing opportunity for environmentalists and good economics to meet. The amount of natural gas wasted through a process called “flaring,” where energy is literally burned off into the atmosphere since it can’t get to market, is nearly double that in the US alone than the global amount of energy needed to mine Bitcoin. What this means is that Bitcoin miners setting up right at natural gas or other plants can get cheap energy that the company would literally have to waste in pure emissions instead.

So yes, Bitcoin mining takes energy but it can turn the energy that would have been pure pollution into a clean economic benefit. Many Oil and Gas companies, like the Canadian company Bengal, have realized this and adapted to the market.

The people at the World Economic Forum are not stupid, they know Bitcoin is not a problem for the environment, so what is their real motivation for this attack on Bitcoin and support of Ethereum?

Bitcoin runs on a system called “Proof of Work” whereas Ethereum is now switching to “Proof of Stake”. A more detailed explanation of the differences can be found here, but the main point is that Proof of Work is more decentralized and secure. By using the Proof of Work each Bitcoin transaction is verified by the entire network of Bitcoin users and is impossible to hack or manipulate.  

Proof of Stake would have users “stake” their coins to verify transactions, meaning that if ever a group of people gained access to 51% of the currency out there they could control the entire system. According to the WEF Ethereum is a company with a CEO and they themselves sit on the Ethereum Foundation’s board, meaning Ethereum is an asset that a government or powerful entity can place pressure on to exercise control. A helpful backdoor if you were ever planning something like a Great Reset globally.

Bitcoin is the ultimate freedom currency that has no controls built-in, no board/CEO to bribe, and no backdoor for hackers. This has put Bitcoin at odds with organizations like the World Economic Forum, which seems to be destined to be eternally at odds with Bitcoin as it was founded in 1971 right after the world left the gold standard. Bitcoin is the return of sound money and those with access to the money troughs at the central banks feel threatened and are lashing out.