TLDR, it's political theater. Targeting Bitcoin mining as a major environmental platform is akin to

not actually addressing an issue, but instead choosing something that you think is politically

popular and viable in order to get your base rallied. This is an election season proposal,

pure and simple. Now it's our job, I believe, this cycle, to show them that this isn't a winning

issue.

Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Wednesday, May 3rd, and today we are talking about the White House's proposed new punitive Bitcoin mining tax. Before we get into that, a couple quick notes.

First of all, if you're enjoying the big picture power shifts that you hear about on this show,

I would love for you to come talk about them in our breakdown community,

the breakers discord. I'm loving the conversations we're having there, and they would be better if you

are participating too. Check it out at bit.ly slash breakdown pod. Also, if you are yearning for more

big picture power shifts, I would urge you to check out the breakdown network's other shows.

There's an AI breakdown now,

and Bitcoin Builders is rocking and rolling. I just released an interview with Des Dickerson

from Thunder Games, which is all about how Bitcoin can be spread around the world with play.

You can find the link to those at Breakdown.network. All right, now to today's show.

One of the thing that Bitcoiners have held a lot of stock in over the last six months is that as much as it has seemed like there

has been a coordinated effort targeting the larger crypto industry, Bitcoin has seemed a bit more

immune. Even the arch nemesis, SEC chair Gary Gensler repeated recently in front of

Congress that Bitcoin was in fact a commodity, a claim he would not make for Ethereum.

Now, to be fair, he said that it was a commodity because that was the assessment of a previous

...