“We are not trying to fix bitcoin.”
There were few concrete next steps discussed this time. Instead, the meeting became another way for bitcoin industry representatives to air their grievances about those claims that bitcoin mining is bad for the environment.
For instance, here's what Perianne Boring, president of the Chamber of Digital Commerce, had to say:
- “One thing that fuels public policy is the narratives in the media. Headlines drive conversations in Washington as well as in the states and in public policy circles.
- “We really sounded the alarm towards the end of 2020 when we saw a huge outtake in negative reporting of bitcoin mining. A lot of it is not intellectually honest. When you have a number of stories and headlines, misinformation, false narratives, we will see reactions to that from a policy perspective.”
Saylor said the Bitcoin Mining Council's responsibility is to provide a “sharing, cooperative and informative space [from which] people can learn the benefits of bitcoin mining.”
He said not having that "informative space" – or reading the headlines – has prompted politicians to move against the cryptocurrency.
“Bitcoin has external threats,” Saylor said. "The threat is not bitcoiners talking to each other. The threat is people that don’t understand bitcoin.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.