{"id":545202,"date":"2023-07-31T16:00:12","date_gmt":"2023-07-31T16:00:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=545202"},"modified":"2024-06-11T08:06:38","modified_gmt":"2024-06-11T08:06:38","slug":"us-presidential-candidate-defends-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/us-presidential-candidate-defends-bitcoin\/","title":{"rendered":"US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics"},"content":{"rendered":"

For an industry that rarely gets mainstream political support, Bitcoin recently received a massive endorsement after Democratic Presidential candidate Robert F. Kennedy <\/span>spoke<\/span><\/a> out in support of the cryptocurrency. According to RFK, arguments against adopting Bitcoin due to perceived environmental impact are merely a cover to curtail financial freedom.\u00a0<\/span><\/p>\n

Responding to the tweet by Feldman, RFK <\/span>stated <\/span><\/a>that \u201c… environmental arguments should be used as a smokescreen to curtail freedom to transact.\u201d RFK, who is a holder of BTC, has previously <\/span>disclosed<\/span><\/a> his intention to return the USD to hard currency backed with assets such as BTC.<\/span><\/p>\n

Bitcoin And The Environment\u00a0<\/span><\/h2>\n

One of the challenges of Bitcoin adoption is the <\/span>perceived threat it poses to the environment<\/span><\/a>. According to anti-crypto campaigners and politicians, bitcoin mining is harmful due to its high energy requirement.\u00a0<\/span><\/p>\n

Related Reading: Ahead Of The Pack: Binance Moves Forward With New License in Dubai<\/a><\/div>\n

This argument is a prominent position within the political and environmental protection ecosystem, so much so that campaigners like Greenpeace have accused BTC of destroying the planet. However, while Bitcoin mining is energy-intensive, it utilizes more <\/span>renewable energy<\/span><\/a> presently than ever before.\u00a0<\/span><\/p>\n

This position was further reiterated by Daniel Feldman, director of Sangha Systems. According to him, there exists a \u201csymbiotic relationship\u201d between Bitcoin and renewable energy.\u00a0<\/span><\/p>\n

Agreeing with the popular Democratic candidate, Feldman noted that bitcoin mining offers a solution to boost the electric grid and limit dependence on fossil fuels. He, however, noted that \u201cmost renewable energy sites are not profitable without government subsidies.\u201d\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price maintains tight range at $29,450 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n

Subsidies in the form of tax credits generate market distortions and the flow of these credits is managed by banks who are often bailed out by governments during financial crises, the very banks that Bitcoin seeks to free people from.<\/span><\/p>\n

According to Feldman, renewable energy sites experience curtailment and congestion challenges due to the absence of global markets to sell to during demand troughs. BTC solves this challenge by <\/span>providing a universal market for electricity <\/span><\/a>that will boost investments in renewable energy projects.<\/span><\/p>\n

A Look Into BTC Energy Usage<\/h2>\n

Renewable energy arguments are popular within the green energy industry as they continually seek the flexibility offered by crypto mining operations. However, they are still faced with serious opposition from the media and the political establishment, who believe BTC mining will boil the planet.\u00a0<\/span><\/p>\n

Related Reading: Here\u2019s How Long The Majority Of New Ethereum Wallets Are Used Before They\u2019re Dumped<\/a><\/div>\n

According to data obtained from <\/span>Cambridge University<\/span><\/a>, it is estimated that global BTC mining activities are currently pegged at 137 TW\/h (terawatt hours) per year.\u00a0<\/span><\/p>\n

This figure surpasses the energy usage of countries such as Ukraine, which utilizes 134 TW\/h. In contrast, the electricity distribution and transmission losses in the US are sufficient to power BTC 1.5 times with 206 TW\/h per year.<\/span><\/p>\n

Featured image from Sky News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

For an industry that rarely gets mainstream political support, Bitcoin recently received a massive endorsement after Democratic Presidential candidate Robert F. Kennedy spoke out in support of the cryptocurrency. According to RFK, arguments against adopting Bitcoin due to perceived environmental impact are merely a cover to curtail financial freedom.\u00a0 Responding to the tweet by Feldman, RFK stated that \u201c… environmental arguments should be used as a smokescreen to curtail freedom to transact.\u201d RFK, who is a holder of BTC, has previously disclosed his intention to return the USD to hard currency backed with assets such as BTC. Bitcoin And The Environment\u00a0 One of the challenges of Bitcoin adoption is the perceived threat it poses to the environment. According to anti-crypto campaigners and politicians, bitcoin mining is harmful due to its high energy requirement.\u00a0 Related Reading: Ahead Of The Pack: Binance Moves Forward With New License in Dubai This argument is a prominent position within the political and environmental protection ecosystem, so much so that campaigners like Greenpeace have accused BTC of destroying the planet. However, while Bitcoin mining is energy-intensive, it utilizes more renewable energy presently than ever before.\u00a0 This position was further reiterated by Daniel Feldman, director of Sangha Systems. According to him, there exists a \u201csymbiotic relationship\u201d between Bitcoin and renewable energy.\u00a0 Agreeing with the popular Democratic candidate, Feldman noted that bitcoin mining offers a solution to boost the electric grid and limit dependence on fossil fuels. He, however, noted that \u201cmost renewable energy sites are not profitable without government subsidies.\u201d\u00a0 BTC price maintains tight range at $29,450 | Source: BTCUSD on Tradingview.com Subsidies in the form of tax credits generate market distortions and the flow of these credits is managed by banks who are often bailed out by governments during financial crises, the very banks that Bitcoin seeks to free people from. According to Feldman, renewable energy sites experience curtailment and congestion challenges due to the absence of global markets to sell to during demand troughs. BTC solves this challenge by providing a universal market for electricity that will boost investments in renewable energy projects. A Look Into BTC Energy Usage Renewable energy arguments are popular within the green energy industry as they continually seek the flexibility offered by crypto mining operations. However, they are still faced with serious opposition from the media and the political establishment, who believe BTC mining will boil the planet.\u00a0 Related Reading: Here\u2019s How Long The Majority Of New Ethereum Wallets Are Used Before They\u2019re Dumped According to data obtained from Cambridge University, it is estimated that global BTC mining activities are currently pegged at 137 TW\/h (terawatt hours) per year.\u00a0 This figure surpasses the energy usage of countries such as Ukraine, which utilizes 134 TW\/h. In contrast, the electricity distribution and transmission losses in the US are sufficient to power BTC 1.5 times with 206 TW\/h per year. Featured image from Sky News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":545211,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88740,679,1119,1144,78790,88597],"class_list":["post-545202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-energy-usage","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-us-presidential-candidate"],"acf":[],"yoast_head":"\nUS Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics<\/title>\n<meta name=\"description\" content=\"For an industry that rarely gets mainstream political support, Bitcoin recently received a massive endorsement after Democratic Presidential candidate\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics","url":"http:\/\/uniquehot.com\/news\/us-presidential-candidate-defends-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/us-presidential-candidate-defends-bitcoin\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Robert-F-Kennedy-Jr-bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Robert-F-Kennedy-Jr-bitcoin.jpeg?fit=2048%2C1152"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin energy usage","bitcoin price","btc","btcusd","btcusdt","us presidential candidate"],"dateCreated":"2023-07-31T16:00:12Z","datePublished":"2023-07-31T16:00:12Z","dateModified":"2024-06-11T08:06:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/us-presidential-candidate-defends-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/us-presidential-candidate-defends-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Robert-F-Kennedy-Jr-bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Robert-F-Kennedy-Jr-bitcoin.jpeg?fit=2048%2C1152\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin energy usage\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\",\"us presidential candidate\"],\"dateCreated\":\"2023-07-31T16:00:12Z\",\"datePublished\":\"2023-07-31T16:00:12Z\",\"dateModified\":\"2024-06-11T08:06:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Robert-F-Kennedy-Jr-bitcoin.jpeg?fit=2048%2C1152","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/545202"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=545202"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/545202\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/545211"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=545202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=545202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=545202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}