- Bitcoin as a battery?
- The counter-argument
In a recent social media post, gold bug Peter Schiff has rejected the narrative that Bitcoin could be viewed as a non-inflatable ledger for storing economic energy.
Bitcoin as a battery?
Schiff is responding to the specific narrative championed by MicroStrategy CEO Michael Saylor and other Bitcoin maximalists.
Saylor often argues that money is essentially “economic energy.” When you work, you expend energy
When you are paid, you are storing that energy to use later. He argues that fiat currency “leaks” this energy, and gold is difficult to transport. Therefore, Bitcoin is “digital energy”. It is viewed as a battery that stores your economic output without loss over time and can be transmitted anywhere (almost instantly).
Uber-bull Saylor and other Bitcoin evangelists are not alone. In a recent podcast appearance, Tesla CEO Elon Musk described it as a “fundamental physics-based currency” because of its intrinsic tie to energy consumption. Interestingly enough, Musk predicted that the concept of money itself would eventually become obsolete. He envisions a post-scarcity world driven by AI and robotics.
The counter-argument
At the same time, one cannot extract electricity back out of a Bitcoin. The energy used to mine Bitcoin is consumed at the moment of creation. It is gone forever. If the power grid goes down, holding 1 BTC gives you zero watts of power, which is exactly the point that Schiff is making. Therefore, literally speaking, it “stores” no energy.
Gold mining, for comparison, also consumes massive amounts of energy (diesel, electricity). However, Schiff argues this is not waste because the end product is a physical metal that is needed for electronics, dentistry, aerospace, and jewelry. The energy was “converted” into a useful industrial commodity
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Price Predictions 3/6: BTC,ETH,BNB,XRP,SOL,DOGE,ADA,BCH,HYPE,XMR
Bitcoin (CRYPTO: BTC) faced a renewed test after a brief relief rally, sliding back below the $68,500 mark as sellers reasserted control. The move comes after the asset briefly flirted with the $74,000 threshold, a level that previously functioned as a ceiling during the latest ascent. Traders now e
CryptoBreaking52m ago
Little Robert Kennedy confirms run for U.S. President in 2028, holding at least $1 million worth of Bitcoin
Gate News Announcement: On March 8, Little Robert Kennedy confirmed his intention to run for U.S. President in 2028. Public information shows that he holds at least $1 million worth of Bitcoin and does not plan to divest this asset. Little Robert Kennedy publicly stated that he is a loyal supporter of Bitcoin, believing that decentralized, capped supply, neutral currencies, and hard assets like gold and silver can stabilize the dollar and prevent currency devaluation.
GateNews1h ago
Bitcoin experiences significant fluctuations: Ceasefire expectations and oil prices shape crypto market sentiment
The Kobeissi Letter news bulletin has just pointed out an important signal on the geopolitical chessboard. Recently, U.S. President Donald Trump posted on Truth Social that Washington demands Iran to "unconditionally surrender," a tough statement implying that any ceasefire agreement could still be at risk.
TapChiBitcoin1h ago
Willy Woo: BTC's early decline was too rapid, and it is now creating conditions for a rebound to $85,000.
On March 8th, analyst Willy Woo pointed out that Bitcoin faced resistance near $75,000, but since mid-February, capital flows have been recovering, and market sentiment may shift toward risk appetite. Although there is a short-term rebound opportunity, in the long term, Bitcoin remains in the mid-stage of a bear market and may experience sideways consolidation and test resistance levels.
GateNews1h ago
Strategy: Purchased 48,000 BTC in the first two months of 2026, investing $4.3 billion
Bitcoin Treasury Company Strategy Director Chaitanya Jain revealed that in the first two months of 2026, approximately $4.3 billion was invested to purchase 48,000 Bitcoins, far exceeding the $300 million spent in all of 2022. Jain stated that this large-scale institutional buying will change the structure of the Bitcoin market.
GateNews1h ago
A newly created wallet deposits 2 million USDC into Hyperliquid to open short positions on BTC and ETH.
Gate News Report, March 8th: According to Onchain Lens monitoring, a newly created wallet deposited 2 million USDC into Hyperliquid, opened a 5x leveraged BTC short position and a 20x leveraged ETH short position, with the current position value approximately equivalent to 10 million USD.
GateNews2h ago
