Messari CEO Ryan Selkis showcases his support for the crypto industry with a new call to action for stakeholders. He also recommends owning gold and digital gold, citing the US’s recklessness.
The USA cannot be trusted, it is necessary to have this cryptocurrency!
Ryan Selkis, Chief Executive Officer (CEO) of blockchain market intelligence provider Messari, explained in his 11 tweets that, among other factors, self-custody is crucial to protecting Bitcoin (BTC) mining. To put it in perspective, Selkis said:
Bitcoin accounts for 50% of the non-stablecoin market. Bitcoin mining, self-custody, development and protecting the infrastructure around it are crucial.
The “foreign currency” thesis notes that you need to own some Bitcoin as the US is too reckless to be trusted. In this context, he recommends owning gold and digital gold.
Crypto mining faced severe discrimination
Many countries opposed the practice, citing the amount of electricity consumed in the process. Last year, Dennis Porter, CEO and co-founder of the Satoshi Action Fund, accused the Idaho Public Utilities Commission of discriminating against BTC mining. This accusation came as a result of the private electricity rate approved for crypto mining facilities. Further corroborating Porter’s claim, Idaho-based mining company GeoBitmine explained that the new rates are discriminatory.
The Utilities Commission based its decision to change the electricity rate for mining facilities on the fact that these facilities are data center businesses. According to the new rate, such Bitcoin mining facilities will be subject to a power outage of 225 hours per year instead of electricity for the entire year.
Bitcoin mining debate continues
On the contrary, some crypto experts argue that BTC mining can do more good than harm if the necessary resources are provided. Popular BTC advocate Willy Woo explained that BTC miners will need more energy if they want to make a tangible impact, especially if they switch to renewable sources. Another BTC influencer known as Daniel Batten explains it this way:
For a renewable revolution to happen, the grid needs to produce 3 times more power. This is documented in Saul Griffith’s book “Electrify Everything”. This requires a triple increase in electricity demand. More resilient energy consumers who support renewable energy generation and get along well with other consumers = good.
BTC miners are already hard-financing themselves. In addition to this situation, cryptocoin.comAs you follow, the Joe Biden administration is trying to impose a 30% tax on the cost of electricity used for mining operations in the United States. Meanwhile, the White House continues to lobby for this tax to be included in the next federal budget.
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