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The sooner bitcoin collapses, the better for the environment, energy prices and inflation. But the fall of FTX reflects badly on institution investors too.
Nov 14, 2022
The spruikers of cryptocurrencies — the politicians, the business geniuses, the “one in five Australians has bought crypto!” crowd in the media — have gone curiously quiet as FTX, once the most well-regarded cryptocurrency exchange, has imploded, sending $32 billion in valuation up in smoke and the value of bitcoin plummeting yet again. It has now lost two-thirds of its value since January.
There are a huge number of beneficiaries of these collapses — and the benefits will be all the greater if bitcoin falls further in value.
The biggest winner is the effort to control CO2 emissions and energy prices. As the Financial Times pointed out, bitcoin mining used to use around 0.5% of the entire world’s power output. But the lower the price goes, the less profitable mining becomes, reducing energy demand and CO2 emissions.
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Bernard Keane
Politics Editor
Bernard Keane is Crikey’s political editor. Before that he was Crikey’s Canberra press gallery correspondent, covering politics, national security and economics.
Glenn Dyer
Business and Media Correspondent
Glenn Dyer is Crikey’s business and media correspondent.
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