Slashing Bitcoin (BTC) cryptocurrencies to Dogecoin (DOGE), Bill Maher did not hold back, suggesting that the whole place was fake, but still required an incredible amount of real energy.
Speaking Friday in the “New Rules” section of his live show with Bill Maher, the comedian said the purpose of cryptocurrency is to “deliberately do something random.” By comparing the cryptocurrency space to a hypothetical game and talking about mining in a seemingly ironic tone, Maher suggested that investing in tokens is a childish activity that some high-profile financial personalities like Warren Buffett have avoided.
Maher said: “There is something inherently unreliable about creating hundreds of billions of virtual fortunes without any real achievement, and there are no real products or services.” “Unfortunately, the truth is that these huge supercomputers use an incomprehensible amount of power to extract metals.”
Bitcoin uses more power per transaction than any other method known to mankind; only one uses more energy than a million Visa transactions and has the same carbon footprint as 85,000 hours on YouTube […] Bitcoin uses more energy than Netflix, Apple, Facebook, Microsoft and Google combined. ”
The comedian admitted that he still does not understand what cryptocurrency is about – for example, he mistakenly called the Bitcoin creator Satatoshi Nakamoto. Prominent figures in space immediately jumped to Maher’s comments, apparently referring to the 65-year-old as someone who was out of touch with facts in the financial world.
“I really like Bill Maher, he’s at his best many times, but his view of cryptocurrency is one-sided,” said Alex Iskold of 2048 Ventures. “There are certainly assumptions, but the future of money is digital, and blockchain will have many different applications, which is for sure.”
While Maher’s comments about the nature of the cryptocurrency as “just a coal-backed beanie” received strong criticism from some, others were not quick to dismiss his environmental arguments. Bitcoin’s energy consumption is growing exponentially with the network, leaving much of the concern for the carbon footprint of cryptocurrencies in the coming years.
Alex de Vries, founder of the digital economy, recently stated that BTC’s environmental impact could “quickly get out of control if dependence grows exponentially”. However, both Twitter CEO Jack Dorsey and Tesla CEO Elon Musk said that the continued adoption of Bitcoin will lead to renewable energy sources such as solar and wind power.