❤️ The WEF Loves Bitcoin Mining
The World Economic Forum suddenly endorses Bitcoin mining, John Oliver entertainingly summarizes the crypto meltdown, and one of the largest international banks sees BTC soon at $100k.
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Hey everyone,
2023 just got weirder: No other than the controversial World Economic Forum is now endorsing Bitcoin mining. Well, sort of. Read on to find out. In other news, late-night host John Oliver did an excellent job summarizing the crypto meltdown, and one of the largest multinational banks is now bullish on Bitcoin. That’s how we like it.
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Quote of the Week:
“We see potential for Bitcoin (BTC) to reach the USD 100,000 level by end-2024. (...) The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralized, trustless and scarce digital asset.”
❤️ Turns Out The World Economic Forum Loves Bitcoin Mining
Yes, you read right: The World Economic Forum (WEF), a controversial NGO and lobbying organization that is funded by the world’s largest companies, now endorses Bitcoin mining. Well, not directly, but let me explain. They released a video in which the CEO of an energy startup explains the benefits of turning waste methane emissions into energy. According to the video, this stranded energy is then used to power various ‘data centers’. And that’s where things get interesting: Crusoe Energy’s ‘data centers’ are powering Bitcoin miners – among things like AI and deep learning systems. In October 2022 Crusoe Energy bought Great American Mining (GAM), adding over 10 megawatts to its mining output and approximately 4,000 application-specific integrated circuit (ASIC) crypto-mining rigs. In late 2022, Crusoe Energy ran 125 flare gas-powered modular data centers. According to the company, this process reduces CO2-equivalent emissions of approximately 800,000 metric tons per year, equivalent to removing approximately 170,000 cars from circulation.
My take: This is a perfect example of the paradoxical public perception of Bitcoin mining. On the one hand, methane capturing is celebrated. On the other hand, only if the word Bitcoin is not mentioned.
🤯 John Oliver’s Excellent (And Funny) Crypto Recap
Since I started writing this newsletter in early 2022, I’ve covered some absurd crypto events. From the implosion of Terra/LUNA, the unhinged scaminess of Celsius to the spectacular downfall of FTX and its founder Sam Bankman-Fried. If you’re like me and still haven’t seen enough of mind-bending stupidity and shameless grifiting, you should definitely watch John Oliver’s take on cryptocurrencies. In roughly 24 minutes, the host of “Last Week Tonight” says everything about Terra/LUNA, Celsius, and FTX: “In theory, they were supposed to be our next dollar, our next Bank of America, and our next stock exchange. But in reality, they are fiascos.” This is the second time John Oliver is taking a closer look at cryptocurrencies. The first segment on it aired in early 2018 when bitconnect was still a thing. Oh, the good old times.
My take: John Oliver is probably not a fan of Bitcoin, but his summary of all the crypto scams is spot-on. Maybe he’ll recognize the uniqueness of Bitcoin in his next segment on the topic.
😮 Standard Chartered: ‘BTC could hit $100k by the end of 2024’
The US banking crisis is far from over. The latest victim is California-based bank First Republic, whose stock price fell by more than 93% (!). The fact that the bitcoin price jumps on news like that is not a coincidence, and more and more people are taking notice. One of them is Geoff Kendrick, an analyst at Standard Chartered, a multinational bank with 85,000 employees. Kendrick said, on Monday, that the uncertainty in the market and the implosions within the crypto industry are in Bitcoin’s favor. “Against this backdrop, Bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value, and a means of remittance. (…) The case for bitcoin as a decentralized, trustless, and scarce digital asset” is solidifying.” And that’s not all. Kendrick even has a spicy price prediction for us: ”We see the potential for Bitcoin (BTC) to reach the USD 100,000 level by end-2024. (...) The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralized, trustless, and scarce digital asset.”
My take: It’s interesting to see that banks are warming up to the idea that Bitcoin is here to stay and that it’s pretty likely that we could see new all-time highs in price soon. But as always, price predictions are just opinions and not facts.
Short news:
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It is obvious that the powerful people at the head of the current system cannot tell the truth about Bitcoin being a force for good in the fight against climate change. To do so would be to legitimize Bitcoin in the eyes of the general public when all their work is aimed at denigrating it to discourage the general public from using it.
But sooner or later, the truth will come out for the general public.