The point of this article is to address two common criticisms of Bitcoin. The first is that it’s created out of thin air and backed by nothing. The second is that it’s going to be banned.

The answer to what Bitcoin is created from is simple. It is created through energy. Energy goes in and Bitcoin comes out. This happens during the mining process. It is backed by volcanic energy in El Salvador, nuclear energy in Pennsylvania, hydroelectricity in Bhutan, and fossil fuels in Abu Dhabi. All around the world, there are miners using abundant excess energy and converting it to Bitcoin and the most efficient miners get the most Bitcoin. Currently around 0.5 per cent of the entire world’s energy goes into creating new Bitcoin. This is what Bitcoin is backed by and what gives it so much resilience.

Bitcoin has the potential to pay off its climate debt much sooner than solar energy, and, thanks to its ability to mitigate methane, it can address more urgent challenges. ?? #Bitcoin #ClimateAction

— Volcano Energy ???? (@Volcano_Energy) October 3, 2023

Using energy to back the network is one of the groundbreaking parts of Bitcoin because if you want to create money that can’t be counterfeited you must back it with something that can’t be counterfeited, which is energy.

There is great irony in saying ‘Bitcoin is backed by nothing and created out of thin air’ because this is a perfect description of the current financial system. Our money is created by banks with a click on a computer screen and faith in the system is the only thing that keeps the Ponzi scheme going. There needs to be endless new users of the scheme or the whole thing collapses. New debt, new growth, new suckers buying into the system or the whole thing goes bust.

Modern Keynesian economics is one of the greatest mass delusions to ever infect our species and almost all modern economists fall for it. This is why they criticise Bitcoin. Accepting Bitcoin would mean accepting the fact they spent their entire careers being wrong and this is not something most human beings are capable of. This causes them to keep perpetuating the system while the average person doesn’t bother to learn.

Henry Ford once said;

‘It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.’

Ignorance is the only thing that keeps the current system going. Bitcoin is the revolution.

The second criticism is that it will be banned. This is impossible and makes no sense. It is impossible because the Bitcoin network is nothing more than software and it is being run by people in nearly every country on earth. Every country would have to get together and ban the software and then force people to comply with that ban despite the fact it can be run completely anonymously.

One country has already tried to ban aspects of Bitcoin and failed. In 2021 China was responsible for around 50 per cent of Bitcoin mining. The government banned it and the only result was China now accounts for 20 per cent of Bitcoin mining. If one of the most surveilled and totalitarian countries in the world can’t succeed then the Western countries who consider themselves free and democratic stand no chance.

If governments genuinely had the power to stop Bitcoin they would’ve done so by now. But there’s simply no head to cut off. It has 10,000 heads in 200 different countries.

The idea of an attempted ban also goes against all the politicians who have come out in support of it recently.

Three of the leading US presidential candidates, Vivek Ramaswamy, Ron DeSantis and Robert Kennedy Jr, have all promoted it on their presidential campaigns.

The likely next president of Argentina is a self-described libertarian and anarcho-capitalist who has run on the platform of removing the central bank and embracing the US dollar and Bitcoin. He has said Bitcoin ‘represents the return of money to its original creator, the private sector’.

Larry Fink, the CEO of Blackrock, and arguably the most powerful man in the world has recently said;

‘More importantly, because Bitcoin is so international, it’s going to transcend any one currency in currency valuation,’ and that an ‘international crypto product’ can ‘transcend’ the problem of dollar devaluation.

Governments, CEOs, corporations, and regular citizens will embrace Bitcoin not because they want to but because they have to. The current fiat Ponzi is on its last legs. We can all feel this. Even the garbage man who has never read a book in his life can tell you something is drastically wrong with the current system.

All the financial crises that pop up every few years are symptoms. Inflation is not a problem, it is a symptom of a problem. There is no housing crisis in Australia. There is a money crisis in Australia. Houses are not rising in price, money is collapsing in value. The money is broken because flawed men with flawed calculations created flawed solutions to problems they don’t understand.

Or if they do understand the problem they ignore it because it goes against the best interest of their political party or the rich elite.

Bitcoin allows us to remove men from the equation. It removes all the tinkering, scheming, calculating men who control things for their own purposes. It is the separation of money and state and its adoption will not be optional. It will be like the adoption of gunpowder. You will adopt it or you will be wiped out financially when the current system goes bust.