Bitcoin is oil. And it is on track to become big oil, with all those dabbling in it recast as plunderers of the planet and the bad guys in the fight against climate change. So argues Bitcoin miner, Ethan Lou, in an article for The Guardian.
“Bitcoin’s environmental footprint will haunt it. Nobody has pointed this out, but it is painfully clear: if we can at all predict an industry’s growth by that of a different one, then oil is Bitcoin’s crystal ball,” writes Lou, who has a facility in Calgary, Canada.
The total value of all cryptocurrencies is only one-tenth of the over $1 trillion worth of oil produced every year, he concedes. But the International Energy Agency has said global oil demand will peak by 2040 as the world seeks cleaner energy.
“It is not this day, but a day may come when big oil shrinks or changes, becoming less of a target for environmentalists. Bitcoin is the natural next enemy,” he states.
“Miners have a lot to think about – if not for the planet, then for survival – for this is a fight that is coming,” Lou concludes.