Should Bitcoiners Be Worried About Biden's Energy Team?

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 3 June 2022

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, NEAR and FTX US. Today on “The Breakdown,” NLW looks at a story – or at least a headline – that is getting big traction on Twitter. The headline is about the Biden administration pushing Bitcoin to be more energy efficient. Except there really isn’t any news to that effect. All of the repurposed headlines stem from one Bloomberg Law piece with a few vague quotes from an administration official working on an energy-related crypto report requested in President Joe Biden’s March Executive Order. NLW argues that the community getting frantically worked up about these sorts of non-stories is going to crowd out space for the real political battles to come. - Nexo is an all-in-one platform where you can buy crypto with a bank card and earn up to 16% interest on your assets. On the platform you can also swap 300+ market pairs and borrow against your crypto from 0% APR. Sign up at nexo.io by June 30 and receive up to $150 in BTC. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Al Drago-Pool/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	There is no story here, not really. It's just an excuse to write something, which is fine. No shade
0:05.7	to the author. Authors have to write stories, so they pitch things and then write them.
0:09.2	What I want to initiate a discussion of is what to care about and what not to care about,
0:14.2	and what we can actually learn from the piece. Welcome back to The Breakdown with me,
0:20.6	NLW.
0:22.0	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:27.8	The breakdown is sponsored by nexo.io, near NFTX, and produced and distributed by CoinDesk.
0:35.7	What's going on, guys? It is Thursday, June 2nd, and today we are asking whether Bitcoiners should be
0:41.9	worried about Biden's energy team. Before we get into that, however, if you are enjoying the breakdown,
0:48.5	please go subscribe to it, give it a rating, give it a review, or if you want to get deeper into
0:53.0	the conversation, come
0:54.4	join us in the breakers discord. You can find a link in the show notes or go to bit.ly slash breakdown
1:00.0	pod. Also, a disclosure as always. In addition to them being a sponsor of the show, I also work with
1:06.5	FTX. So today we're going to do that classic thing of discussing something specific but also something
1:12.3	general at the same time, and something that I think is going to be particularly important the
1:17.1	deeper we get into this summer. And that is how to interpret and contextualize reports that are
1:22.7	antagonistic towards Bitcoin or towards the crypto industry as a whole. We're going to start today with a
1:28.4	Bloomberg law piece that has been making the rounds on Bitcoin Twitter this morning. Here's how
1:34.5	Bitcoin magazine summed it up. Just in, the Biden administration is preparing policy to reduce
1:39.7	Bitcoin's energy consumption. Sounds kind of scary, huh? Like the president is coming after us. Well,
1:45.9	let's dig in a little further. The piece that they're citing comes from Bloomberg Law and is titled
1:51.2	Crypto Miner's Energy Climate Costs Draw White House scrutiny. Here are a few of the key quotes that
	...

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