Thread by @ScottAWolfe

Building on my thread below, I want to help policymakers committed to social, economic and climate justice better understand not only why #Bitcoin's proof-of-work consensus is essential, but Bitcoin's global value. We need policymakers to adopt a "walk and chew gum" approach. 🧵

https://twitter.com/ScottAWolfe/status/1514000583044354055

2/ What I mean by a "walk and chew gum" approach is to step back from the fragmented silos in which public policy is far too often approached these days -- environment | housing | healthcare | food security | education | others -- and to adopt an inter-sectoral lens on #Bitcoin.

3/ In the same way that the "Social Determinants of Health" #SDOH and @UN "Sustainable Development Goals" #SDGs @SDGoals have rallied us to grapple with the ways in which diverse social, economic and political factors impact wellbeing & human development, so too does #Bitcoin.

4/ Studying any one facet of #Bitcoin in isolation from other considerations (eg, the energy use dimension of Bitcoin mining and PoW consensus alone) will yield incomplete information. Policy guided by dramatically incomplete information is a recipe for human disaster.

5/ In order to arrive at well-informed perspectives about #Bitcoin and to develop sound public policy we need policymakers to undertake robust investigation. This means looking not only at mining & energy considerations, but also Bitcoin's diverse local and global use cases.

6/ In the thread which I linked in my first tweet, I point out the accelerating global adoption of #Bitcoin and development of local Bitcoin community initiatives and circular economies. A policy-making imperative is to look more closely and to ask, "why is this happening"?

7/ In taking up this particular policy-making imperative re #Bitcoin, one is reminded that there are large swaths of the world's population (including groups within wealthier countries) that have been systemically excluded from current financial systems and opportunity.

8/ Mapping this financial/economic exclusion against a variety of other considerations (racism, religious & ethnic persecution, gender discrimination, and others) will help policymakers better appreciate how socio-economic justice undercurrents are fueling much #Bitcoin adoption.

9/ One sees, for instance, that African-African, Latinx, and other systemically excluded groups in the U.S. are among the highest proportions of #Bitcoin adopters. One can then appreciate why groups like @BlkBTCBillions have become trusted allies for education and empowerment.

10/ The work of @HRF @gladstein and others has helped us see how financial privilege prevents many of us from appreciating the critical reasons for #Bitcoin adoption and use globally. A primer video here, featuring @ireaderinokun @SudanHODL @KalKassa.

11/ A wide array of local and global use cases for #Bitcoin are enabling individuals, families and communities to escape cycles of poverty, exclusion and persecution. Listen to and take time to explore local Bitcoin community initiatives growing worldwide.

12/ Adding to these socio-economic justice use cases (which grow week by week) a closer investigation of #Bitcoin mining dynamics will also help policymakers appreciate Bitcoin's additional environmental justice use cases. Yes, these run counter to most current news headlines.

13/ #Bitcoin mining is increasingly powered through renewable energy (more than most other industries) and also has incredible potential to incentive expansion of renewable energy production and stabilize energy grids. A very helpful string of interviews:

https://twitter.com/WhatBitcoinDid/status/1517116157790232576?s=20&t=0OJF1Y7_6je6QXoJC1f49A

14/ Two additional resources, via @level39:

An inquiry into the dubious origin/agenda of much #Bitcoin environmental red-flagging:

https://twitter.com/level39/status/1502435254774255618?s=20&t=0OJF1Y7_6je6QXoJC1f49A

And, a visual walk-through of the opportunity to de-carbonize life for 1 Billion people via OTEC:

https://twitter.com/level39/status/1511061780726001665?s=20&t=0OJF1Y7_6je6QXoJC1f49A

15/ Not only is approx 50% of #Bitcoin mining powered through renewable energy (significantly higher than most other industries including traditional finance, gold mining, and other sectors) it holds immense potential to push electrification even further.

https://twitter.com/DSBatten/status/1514072998881665027?s=20&t=0OJF1Y7_6je6QXoJC1f49A

16/ #Bitcoin's role in electrification and grid stabilization + Bitcoin's decentralized global network secured through PoW consensus + Bitcoin's socio-economic use cases are collectively causing a productive disruption of other industries and paradigms.

https://twitter.com/Marketsbylili/status/1515818138000052245?s=20&t=0OJF1Y7_6je6QXoJC1f49A

17/ The fact that #Bitcoin is displacing portions of other industries and asset classes (eg, financial intermediaries and gold) is important. These other industries and assets consume vastly more energy than Bitcoin. Their displacement = net enviro gains.

https://twitter.com/coinbeastmedia/status/1517528946803236864?s=20&t=0OJF1Y7_6je6QXoJC1f49A

18/ If one considers #Bitcoin's multiple use cases as well as Bitcoin mining's consumption of 0.4% of the world's energy against the energy consumption it offsets by displacing other polluters, one can say the table is set for fair policy discussions.

https://twitter.com/jbelizaireCEO/status/1517128539522404352?s=20&t=0OJF1Y7_6je6QXoJC1f49A

19/ And there MUST be policy discussions around #Bitcoin and the broader context of "crypto"...

A. How can policymakers further catalyze Bitcoin mining with renewable energy?

B. How can policymakers support broad financial literacy education, including digital asset literacy?

20/ Policy considerations, cont'd:

C. How can policymakers ensure that #Bitcoin policy (eg, taxation) contributes to collective impact & public goods?

D. How can policymakers stem the tide of predatory venture capital/marketing that is rampant among many other "crypto" tokens?

21/ For that matter, the positive social, economic and environmental impact that #Bitcoin is having (and its potential), should cause policymakers to more closely scrutinize the other sectors which Bitcoin is gradually disrupting. What is their value, carbon footprint, etc?

22/ For instance, what is the total carbon footprint of commercial banks, gold mining, financial intermediaries, and other industries? Since #Bitcoin is providing a more equitable and sustainable alternative to these (at least in part), does that not merit further investigation?

23/ Ultimately, we are counting on policymakers to represent the diversity of constituents they represent and to be fair, transparent, well-informed stewards of the public interest. With respect to the evolving role of #Bitcoin, a "walk and chew gum" approach is essential. [END]