Cryptocurrency is a fad that benefits a few financial gamblers, produces no useful products, and adds financial instability to the banking sector. A recent study shows that three-quarters of crypto investors have lost money.

This financial “gambling bet” requires excessive amounts of electricity supply. Generating a single Bitcoin “requires more than 2,000 kilowatt hours of electricity, or enough energy to power the average American household for 73 days.” (NY Times 3/2/22)

Cryptocurrency has illegally dodged US securities laws while bribing politicians’ support. Former Fed chair Ben Bernanke points out crypto’s wastefulness of electricity in his book “21st Century Monetary Policy.”

AI (artificial intelligence) recently emerged as a competitor to cryptocurrency, vying for America’s electricity resources. This competition causes inflation of electricity prices as resources are stretched thin.

Our congressman, Marc Molinaro, joined a Republican cryptocurrency bill which pushes cryptocurrency into our economy’s mainstream. 

But we don’t have a limitless supply of electricity.

Is inflation devouring you? Wait until electricity price inflation hits your electric bills! AI and cryptocurrency have become de facto “scavengers” of our electricity supply and are threatening even more inflation in the future.

By encouraging cryptocurrency, Molinaro is ensuring the inflation of our electric bills.

Dorothy Pomponio
Groton, NY