LETTER #33: Exxon, Russia, and Bitcoin.
The adoption of the hardest money and the strongest network keeps rising.
Yesterday, we had a couple of big news related to Bitcoin.
In one case, it was being used as the “ energy buyer of last resort”, and in the other, its unconfiscability and neutrality proved its worth.
Let’s discuss them one by one:
Exxon is the largest U.S. oil-producing company.
It seems like they made this decision due to the mounting pressure from the regulators to reduce the emissions. Shale oil produces a lot of excess gas that it ends up being flared into the atmosphere. It contains methane - which is 80 times stronger than carbon dioxide.
It is a tight slap on the face of Bitcoin critics who say “ it damages the environment.” Look here. Bitcoin is actually protecting the environment.
Bitcoin mining and the energy sector are a perfect match. It seems like they are made for each other. At this point, there is no other use of the flared gas that energy companies release while drilling oil except mining the hardest money on the planet with it.
According to a Bloomberg report:
18 million cubic feet of gas per month that would have otherwise been burned off -- or flared -- because there aren’t enough pipelines.
It has proved every Bitcoin energy critic wrong.
Bitcoin enables less pollution and more revenue for the energy companies like Exxon. It makes total sense to mine Bitcoin with the excess energy. I wouldn’t be surprised if the next large public company to accumulate Bitcoin on its balance sheet is an energy company.
The chair of Russia’s Duma energy committee - in his latest news conference - said the country is open to accepting bitcoins as payment from “friendly” countries.
I wonder why he didn’t mention Ethereum, Doge, Solana, or any other shitcoin. That’s because all of them are centralized and the West can weaponize them against Russia - as they did with the dollar.
Russia has learned the lesson that it’s better to use its own currency (ruble) for trade or neutral money. What is neutral money?
Money that can’t be weaponized against you. For example, you can’t ban Russia from using gold or Bitcoin. They are the only two neutral money(s) we have.
As Putin said, “ It is obvious that in this context it doesn’t make any sense for us to supply our goods to both the EU and the USA, and to receive payments in dollars, euros, and other currencies.”
Neutral money is the solution. Bitcoin is the solution.
FINAL THOUGHT….
Writing every day feels so good. You should try it too.