A petroleum dollar backed by the US military threatens the environment more than mining the first cryptocurrency. This was announced by Alex Gladstein, Strategy Director of the Human Rights Foundation, and David Energy co-founder James McGinnis, on the Unchained podcast.
According to Forbes, in 2017, the US military used up to 1 million barrels of oil daily. If the DOD were a country, this level of consumption would make it the 55th most carbon dioxide-emitter in the world.
Gladstein and McGinnis called bitcoin's energy intensity a feature that "creates security."
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“Technologically, this is what makes Bitcoin so fantastic,” McGinnis said.
Gladstein recalled that there is an important moral argument in favor of the first cryptocurrency: “There are 1.2 billion people who live in conditions of inflation, the rates of which are calculated in two- and three-digit numbers. There are 4.3 billion people who live under authoritarianism. Let those who say that bitcoin has no social value use the Sudanese pound for a year and then tell me that the value of bitcoin is exaggerated or does not exist."
A spokesman for the Human Rights Foundation called digital gold a competitor to the world's reserve currency. In his opinion, the ultimate goal of the asset is to replace the petrodollar.