Popular TV host Max Keiser recently highlighted that Bitcoin’s continuously growing hash rate is significantly more important for humanity than its price. He believes that the expanding energy demand for sustaining the network would ultimately result in the demise of altcoins and fiat currencies.
Rising Energy Consumption For BTC Is A Good Thing: Keiser
He explained that this correlates entirely with Bitcoin’s hash rate – the measuring unit of the Bitcoin network’s processing power. The more computer power miners input, the higher the hash rate goes. Despite fears of miner capitulation following the third halving in May, the hash rate has been surging and recently reached a fresh all-time high.
For this to occur, the energy put in has to surge as well. Keiser commented that “Bitcoin’s insatiable need for increasing amounts of energy to feed its skyrocketing hash rate will start to rob energy from other parts of the economy. This will transform civilization as we know it, for the better, as Bitcoin essentially takes over.”
He added that BTC exhibits characteristics of an independent, life-like organism, which is “pursuing a 51% attack on the global energy supply.” This, however, is a positive outcome that humanity has to embrace as a “life-saving fortuitous break.” Without it, people would face a “dire situation of central bank authoritarianism and permanent destitution for all non-central bankers.”
Bitcoin’s Objective Is Domination
The growing demand for energy input only outlines Bitcoin’s “winner-take-all objective, baked into the Genesis Block, to completely destroy fiat and altcoin systems, by starving them of energy. We should count our lucky stars this is happening.” Keiser asserted that this makes the surging hash rate significantly more important than Bitcoin’s price, which is “meaningless in this context.”
The price could be attributed to numerous factors, but the hash rate “tells you how close we are to fiat money and central bank obliteration, and freedom for our species.”
The first to be “wiped off the map” are proof-of-work altcoins such as Bitcoin Cash and Bitcoin SV. Keiser noted that Bitcoin is responsible for about 85% of the POW hash rate dominance in total, and this metric is only rising. As such, it’s just a matter of time before BCH and BSV are “obliterated.”
He predicted such a disastrous fate for the “entire altcoin market.” After BTC is done with alts, the next most vulnerable targets in its way are fiat paper currencies.
“It’s already happening in Argentina, Iran, Venezuela, and Zimbabwe. Now we’ll start to see the Yen, USD, Euro, Renminbi, and Pound start to die off as the energy needed to keep them alive is unstoppably poached by the Bitcoin protocol.”
The only survivor will be gold, Keiser continued. However, Bitcoin will reach the precious metal in market size and then “begin to poach energy away from gold as currency a well.”
Ultimately, Keiser concluded that “civilization, as we know it, is about to change.”