Fossil fuel-backed crypto schemes put taxpayer dollars at risk
A network of fossil fuel operatives is advocating for state and federal governments to invest billions of taxpayer dollars in Bitcoin reserves, tying financial instability to increased energy consumption and environmental harm.
Freddy Brewster reports for The Lever.
In short:
- Bitcoin reserve proposals are being pushed by fossil fuel-linked groups, including the Satoshi Action Fund, which has deep ties to the Koch network and anti-environmental agendas.
- Bitcoin mining, required to maintain cryptocurrency, consumes massive amounts of electricity, with U.S. miners using more energy annually than the state of New Jersey, raising environmental and public infrastructure concerns.
- Experts warn that Bitcoin’s volatility could lead to financial instability, risking public funds and state budgets if cryptocurrency prices crash.
Key quote:
“It’s yet another crypto solution in search of a problem. It brings state institutions, which are inevitably taxpayer-funded, closer to the risk inherent in these markets.”
— Mark Hays, Americans for Financial Reform
Why this matters:
At its core, this scheme blends high-stakes gambling with anti-environmental tactics, prioritizing private interests over public good. It’s a stark reminder that the fossil fuel lobby is willing to bet big with everyone else’s money — and the planet’s future.
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