I was recently challenged—respectfully but firmly—for expressing concern about Bitcoin’s role in our shared future. The criticism? That my take was “outdated and just plain wrong.”
I welcomed it.
Because in an age of shouting and silencing, there’s value in slowing down to listen. To revisit claims. To check facts. To sit with conscience, not ego. So I did exactly that.
Here’s what I found.
🌱 Yes—Bitcoin has made remarkable progress on sustainability
The latest Cambridge Digital Mining Industry Report (April 2025) confirms it:
52.4% of Bitcoin’s mining now uses sustainable energy.
That includes 9.8% nuclear, 42.6% hydro, wind, and other renewables.
Coal use has dropped from 36.6% to 8.9% in just two years.
That’s impressive. And real.
Annual energy use sits at 138 TWh—roughly 0.5% of global consumption—putting Bitcoin in the range of a mid-sized nation. The carbon footprint? Estimated at 39.8 MtCO₂e. Lower than it was. But still significant.
So: is Bitcoin the cleanest of all major global industries?
Not quite. But it’s evolving. And quickly.
💸 What about the social impact claims?
Let’s walk through them:
- Banking the unbanked: ✅ There’s solid evidence here. In places where traditional finance excludes or exploits, Bitcoin has empowered people to transact, save, and escape broken systems.
- Aid under authoritarian regimes: ✅ Also true. The Human Rights Foundation and others have documented Bitcoin’s role in getting funds into censored economies.
- Remittances and inflation hedges: ✅ In countries like Venezuela and Argentina, Bitcoin has been a lifeline. Remittance fees can be lower, and when inflation spirals, crypto has sometimes offered temporary refuge.
But—let’s not over-claim.
Volatility still matters. In El Salvador, Bitcoin is legal tender—but adoption sits somewhere between 1% and 8% of remittances. Most people still prefer dollars. And the IMF remains uneasy. So do local human rights groups.
🌀 The system dynamics: who wins, and at what cost?
This is the part I can’t ignore.
- The early adopters win most.
- New entrants face the highest risk.
- The incentive structure is driven by speculation.
Even if Bitcoin becomes more sustainable, it remains—economically—extractive. Its very design rewards those who got there first. That may not be evil. But it isn’t ethical by default.
🌍 Bhutan: a more hopeful model?
Yes—Bhutan is exploring Bitcoin mining powered by 100% hydro. They made around $100 million in 2023 alone. And they’re using that wealth to retain youth and fund public salaries.
That’s a far cry from “get rich quick.” That’s sovereign development with clean energy. If more nations took that path—backed by renewable grids and community reinvestment—I’d take notice.
🧭 What I still believe
I don’t fear Bitcoin. I don’t mock it.
But I question it.
From a place of care, not cynicism.
My conscience won’t let me celebrate a system that may yet enrich the few while transferring risk to the many. Not without pause. Not without looking ahead to those who’ll inherit our choices.
Others will disagree. That’s fine.
For some, meaning is found in code, freedom, and decentralisation.
For me, it’s found in stewardship, equity, and future-thinking.
I honour your truth.
I ask only that you honour mine.
P.S. To the person who said they’d offered many times to talk—thank you. But, respectfully, that’s not true. You told me on 4th July you didn’t want to debate, and unsubscribed from the mailing list. Let’s call for truth on all fronts, shall we?
“Bitcoin can support freedom—but it can also be co-opted. Any technology that bypasses oversight must be scrutinised not just for what it allows, but for what it enables. The ethical question isn’t whether it breaks censorship, but whether it uplifts the human spirit—or further endangers it.”
💡 Is getting funds into censored economies always a good thing?
The humanitarian case:
- In many authoritarian regimes, censorship blocks not only political speech but also financial autonomy.
- Bitcoin has been used to bypass state-controlled banking systems to support activists, journalists, women, and dissidents—those cut off from basic financial participation.
- The Human Rights Foundation, for instance, has documented how Bitcoin enables survival in systems where traditional aid is blocked or surveilled.
The geopolitical risk:
- On the flip side, “censored economies” are often sanctioned for very real reasons—human rights abuses, military aggression, or nuclear proliferation.
- Bitcoin can offer a backdoor for regimes to bypass international accountability mechanisms. That’s why North Korea, Iran, and others have reportedly engaged in mining and laundering crypto assets.
🧭 So, is it ethical?
Like most decentralised tools, Bitcoin is neutral—its use reflects the ethics of the user.
What matters is who is enabled, and who is harmed:
- Empowering a civilian under a repressive regime = potentially ethical use.
- Enabling a sanctioned government to fund oppression = potentially unethical use.
That’s why we must be cautious of absolute claims like “Bitcoin is good for the oppressed.”
In truth, it can liberate or it can be weaponised.
🧭 Bitcoin and Bhutan: A Fair, Fact‑Based Reflection
Addressing the Pushback
Some say I’ve missed the mark: “These takes are outdated and just plain wrong.”
Fair challenge. Bhutan’s experience does show that clean-energy mining and Bitcoin reserves can drive positive social outcomes—helping them pay public servants, slow youth emigration, and pilot new economic models.
But:
- The fiscal exposure—BTC reserves at 30–40% of GDP—makes Bhutan vulnerable to price swings and reinforces volatility.
- Expanding hydropower for mining brings potential environmental trade-offs, especially when scaling beyond current capacity.
- Crypto payments offer promise, but infrastructure and regulatory robustness remain works in progress.
My standpoint:
I don’t dismiss Bitcoin’s potential—I acknowledge Bhutan’s bold, meaning-driven approach. Yet I remain guided by conscience:
- Can we scale with intention, not inertia?
- Are we building systems that buffer volatility instead of leaning into it?
- Do we invest in meaningful resilience—not just digital gold?
So yes, these takes needed updating. Bhutan’s model is real, and it’s inspiring. But it’s not a global blueprint without risks. I continue to choose a path that prioritises ecological balance, shared economic resilience, and inner wealth over outer coin.
[Some of my Bhutan photos from my travels in March 2016.]
Bitcoin offers genuine benefits—especially in financial inclusion, remittance reduction, and resistance to authoritarian controls. Its renewable energy shift is promising, but energy intensity and climate impact remain critical concerns.
Labeling it the ESG asset oversimplifies a nuanced reality.
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