IEA Interview: Is Bitcoin the Future of Money? Why the UK is falling behind?

This podcast episode was originally published by the Institute of Economic Affairs IEA London on 17 March 2025.

https://youtu.be/CZyozwp6N8I?si=3ZPxcz1lr1mzRfRI

In this interview, host Jamie Legg speaks with Susie Violet Ward and Freddie New from Bitcoin Policy UK about Bitcoin's potential and the regulatory challenges it faces in the United Kingdom. They explain how Bitcoin Policy UK advocates for better legislation while the UK falls behind other countries in crypto adoption. The conversation covers why they focus specifically on Bitcoin rather than other cryptocurrencies, highlighting its security, decentralisation, and market dominance.

The guests address common criticisms of Bitcoin, including volatility, its deflationary nature, and perceived lack of intrinsic value. They also discuss how mainstream media often portrays Bitcoin negatively without a proper understanding of the technology. Ward and New offer compelling insights about Bitcoin's role in providing financial access in countries with authoritarian regimes and how it serves as a lifeline for people experiencing banking restrictions.

A significant portion of the interview explores Bitcoin mining's relationship with renewable energy, particularly how mining can utilise excess wind and hydroelectric power that would otherwise be wasted. The guests explain how Bitcoin mining can balance electrical grids, create new revenue streams from otherwise curtailed energy, and even heat homes through recycled mining heat, potentially revolutionising how we think about energy consumption while advancing renewable adoption.

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