Bitcoin (BTC) maximalists working on a film to fight the FUD

Lights, camera, (re)action! The Bitcoin (BTC) community plans to push back against Elon Musk’s recent criticisms by creating a documentary about the cryptocurrency. It will aim to educate viewers and show Bitcoin’s importance to the new financial ecosystem while counteracting the idea that it is nothing more than a ‘waste of energy’.

You reap what you sow

After witnessing Musk make a big song and dance about Bitcoin’s energy consumption and Tesla’s green credentials in recent weeks, Bitcoiners are turning to the seventh art to launch a counterattack.

According to Bitcoin investor Brad Mills, the crowdfunded documentary will explain “why Bitcoin will transition the world to renewable energy faster than governments”. Based on this premise, the project was able to raise 0.5 bitcoin (approximately £15,804) in just the first 48 hours.

It should certainly help to fight the fear, uncertainty and doubt (FUD) around Bitcoin, the effects of which have been strongly felt since Musk’s about-face regarding the world’s biggest cryptocurrency. At the time of writing, Bitcoin was trading at $44,238 (~£31,318).

The documentary is set to be directed by Jamie King, known for his docuseries criticising intellectual property, “Steal This Film”. Produced by BitTorrent, it is one of the first films of its kind to be distributed through a crowdfunding effort.

Even greener than environment ministers

In reality, Musk’s accusations around Bitcoin’s status as a big polluter are not backed up by any real-world figures. For example, at any one time, approximately 75% of the Bitcoin network’s energy needs are met by renewable energy sources.

Furthermore, Bitcoin mining still consumes less energy than the gold extraction process, as well as the international banking system.

Musk is even going against Norway’s environment minister, who recently announced they were a Bitcoin HODLer.

In any case, King and their team will not attempt to show that Bitcoin is a clean, green technology with their film.

Above all, they want to educate the public above and beyond the idea that Bitcoin is a ‘waste of energy’ by demonstrating its importance to the world.

If Bitcoin (BTC) gets back on track and resumes the bullish rally it began in October 2020, will Elon Musk have the courage to retract his previous declarations in one way or another? The billionaire is playing with fire. He may be the genius founder of Tesla and SpaceX, but he now faces a community that is more than ready and willing to defend Bitcoin’s honour. This new documentary will help to continue the democratisation of the cryptocurrency. Musk’s comments might even end up being a blessing in disguise.

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DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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