Global wealth is $400T. All crypto currency combined is worth about ~$2T at this point. So to store 0.5% of the world's wealth, we are using 0.6% of the world's energy.
Banks obviously don't use anywhere near this much energy. Bitcoin is estimated to use more energy than all other server farms put together.
So we are using 0.6% of the world's energy to store 0.5% of the world's wealth. And < 0.6% of the world's energy to store the other 99.5% of the world's wealth.
Doesn't seem like the ideal wealth storage technology.
Banks obviously don't use anywhere near this much energy. Bitcoin is estimated to use more energy than all other server farms put together.
So we are using 0.6% of the world's energy to store 0.5% of the world's wealth. And < 0.6% of the world's energy to store the other 99.5% of the world's wealth.
Doesn't seem like the ideal wealth storage technology.