With the Lightning Network reaching a capacity of 3,000 BTC, crypto influencers have talked a lot about a hypothetical Bitcoin standard – and what the transition to such a world might look like.
During an episode of the What Bitcoin Did podcast in Nashville, Tennessee, host Peter McCormack spoke to Preston Pysh and Marty Bent about it.
From dollars to bitcoin
McCormack and cryptocurrency expert Marty Bent quickly landed on America’s Lone Star State. Texas is usually held up as America’s crypto destination. However, Bent claimed that Pennsylvania, West Virginia, and New York would also join the movement.
He suggested that this was due to a mix of politics and the need for energy producers to make better use of their resources. Later, entrepreneur and author Preston Pysh added:
“If this event [the Bitcoin standard] plays, you will see people voting with their feet – on a large scale – from state line to state line, by those who have demonstrated a culture of responsibility versus a culture of irresponsibility in the way they spend their financial expenses. “
He also stated that such a process was ongoing.
Look to the future
Pysh said the fiat with the greatest network effect is the dollar. For this reason, he claimed that people who had such a “luxury” would experience a “steep battle” for the transition to a global settlement layer.
When he came to Bitcoin in 2050, Bent said he saw energy producers as the “greatest miners in the world”. He also expressed his opinion that the energy and mining industries would merge.
However, he wasn’t worried about the centralization of the hashrate. Bent believed that both the demand and supply of such miners would increase as ASIC miners become commodities. He also visualized a world in which both large states and “mom and pops” could participate in energy-based mining.
Pysh stepped in to point out that a country had tried to shut down Bitcoin but the hashrate had instead hiked across the world. He used this to show how uncontrollable circumstances had already put Bitcoin miners to the test.
For his part, Bent claimed
“… I think the Bitcoin mining industry will give us an incentive to start a new energy renaissance – we will be the most energy efficient we’ve ever had as a species because Bitcoin mining is literally forcing it.”