Cryptocurrency for Beginners: with Crypto Casey

Bitcoin Destroying Environment? (Or is Fiat Worse?) - Last Week Crypto

May 16, 2021 Crypto Casey Season 2021 Episode 21
Cryptocurrency for Beginners: with Crypto Casey
Bitcoin Destroying Environment? (Or is Fiat Worse?) - Last Week Crypto
Show Notes Transcript Chapter Markers

This is another episode of a weekly cryptocurrency news series called Last Week Crypto.

We cover the latest global news stories affecting the cryptocurrency markets May 9th through the 15th of 2021.

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This week we will discuss how the dollar is slowly, but surely headed to the grave, more Elon-fueled dogecoin drama, and the great debate on cryptocurrencies’ impact on the environment.


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MATIC, my god. Been calling this project since last August 0 - when it was a mere .02 cents.

Now 1 - matic at $1.70 now!!! Holy cow! $10 is coming. This is one of the biggest crypto ecosystems.

Crypto Lark is calling $10. In this bull cycle, I was thinking more like a $2 to $5 price point. However, the ecosystem is growing like crazy, so at this point, anything is possible. Even $10.

So if you’ve been hittin’ MATIC for the past several months I’ve been mentioning it on my Instagram stories, congratulations on your retirement.

Between MATIC mania and hittin’ 200k subscribers, I want to thank you guys for all your support over the years, however, I will be joining my fellow Matic brethren in retirement, so I’m sad to inform y’all that this will be my last video.

It’s been a wild ride. A bit too wild for my taste. So I hope you all live long and prosper, and I hope that you remember me fondly. 

Sike, I’m just joking. This is not my last video. And I don’t think there’s a ride too wild for me out there. I’m as  insane a crypto degen as they come.

Hello, I’m Crypto Casey, and welcome to another episode of Last Week Crypto.

Every Sunday, we review the performance of the largest cryptocurrencies, top gainers, as well as the latest global news stories affecting the crypto markets this past week.

This week we will discuss how the dollar is slowly, but surely headed to the grave, more Elon-fueled dogecoin drama, and the great debate on cryptocurrencies’ impact on the environment. 

To check out the links to all of the articles we discuss, go to

This week’s episode is brought to you by, an exchange with over 100 different cryptocurrencies and over 20 different fiat currencies.

On’s mobile app, you can buy crypto with bank transfers, credit, debit cards, or crypto at true cost with no markups. They also have a desktop exchange that is solely for crypto-to-crypto trading.

If you use the link below to sign up for, you will receive $25 worth of cryptocurrency for free when you use the referral code “CryptoCasey,” all while supporting the channel.

Also, every Wednesday I conduct a weekly AMA or an “Ask Me Anything” at

So use the link to my one and only official Instagram account listed in the description area to follow me and ask me anything you want, every Wednesday.

3 - If you’d like to see me livestream with some other crypto experts in the space, I’ve started livestreaming on the Crypto Banter YouTube channel. 

Most Fridays at 10am eastern standard, I plan on bantering with the crew about crypto, and will also co-host some of the weekday shows as well. 

So make sure to follow me on Instagram to get notified when I’m going live. And you can also subscribe to the Crypto Banter YouTube channel for notifications as well.

Awesome. Last Week Crypto, let’s go.

4 - Looking at the top cryptocurrencies by market cap, bitcoin diving down 16.3%, ETH hanging in there after some healthy consolidation, up 7.8%

Binance Coin down 8%, and Cardano, in the top four, pumping like mad, up 38.2%.

5 - Looking at the top gainers this week: 

Shiba Inu up an extremely unsustainable 525%, of course my main main, MATIC, now polygon up 136.7%

Cardano here of course, and Gate Token, up 29.3%.

Wow, the market has been quite insane this week. So let’s dissect what happened to put our minds at ease, starting with the dying dollar as 6 - World's dollar reserves hit 25-year low

7 - The percentage of global foreign reserves held in U.S. dollars declined to its lowest point in 25 years during the fourth quarter of 2020.

Why it matters: The U.S. dollar is still the dominant international reserve currency. But the downward shift likely reflects central banks' use of other currencies for international transactions — implying a declining role for the dollar in the global economy, according to the International Monetary Fund.

Like we discussed last week, Russia started dumping dollars for yuan, euro, and gold. Meanwhile, the pesky, politically propped up stock market, sure it dips once and a while, 

but against all odds, like the bad jobs report, consumer supply shortages, and inflation, the stock market continues to hang in there and trend upwards.

Why? Well, we all know what happens when the economy is doing poorly at this point. Play 00:19 - 00:23 of this video:

And we all know what happens when the money printer makes it rain. It all goes straight to politician’s corporate cronies and Wall Street rides the pumps. Every time. And you don’t have to take my word for it. Check out this article:

8 - Why Soaring Stocks Could Be Bad News For The Economy

9 - Lurking behind the soaring profits and stock prices of corporate America is a powerful force. Economist, Eeckhout argues that force is one of the biggest reasons why the wages of the typical American worker have flatlined, w

hy there's been a significant decline in the percentage of people participating in the workforce, why the share of national income going to workers has been falling and why startup growth has slowed in recent decades. That force, he says, is the startling growth of market power since 1980.

10 - Market power — aka monopoly power — is the ability of companies to make hefty profits, by pricing their products and services higher than it costs to make and provide them. 

It costs Apple less than $500 to make a high-end iPhone, but it charges more than double that amount to consumers. The ability of Apple to do this is a sign the company has a lot of market power.

11 - In his own study, published in a top, peer-reviewed journal, Eeckhout and his colleagues found that the markups of companies publicly traded in the United States have tripled since 1980, 

and that dominant companies are much more profitable than they used to be. In 1980, the average profit rate of a publicly traded company was 1% to 2% percent of sales. 

Now, they have profit rates of between 7% and 8% of sales. It's a mind-boggling increase.

12 - "Market power now is so widespread, from tech to textiles, that it lowers production and the demand for labor," he writes. "Instead of creating jobs, profitability due to market power lowers wages and destroys work. That is the profit paradox."

13 - Why has there been growth in market power?

Eeckhout blames two big factors for the rise of market power. The first is lax enforcement of competition by the government. 

This includes allowing companies to merge with and gobble up their competitors as well as an overly generous patent system that hands lengthy monopoly rights to sell all sorts of gadgets and pills. 

Most of the corporate lobbying done in Washington is all about protecting and expanding market power.

So the Fed’s money printing benefits big corporations, which then pay off the politicians. Nice, very nice. But what else is it doing?

Well, 14 - Stanley Druckenmiller says the Fed is endangering the dollar’s global reserve status

15 - “I can’t find any period in history where monetary and fiscal policy were this out of step with the economic circumstances, not one,” the chair and CEO of Duqeeen Family Office said.

Though he agreed with the early steps the Fed took during the pandemic, he said the policies have continued for too long.

Yes, and you know what else has continued for too long, episodes of Last Week Crypto without featuring a tweet from the Savage Sven Henrich.

16 - You know where I stand on the Fed & Powell & their denials on exacerbating wealth inequality & the danger of the insane asset bubble they have created.

Well, here's Druckenmiller dropping truth bombs on Powell & the Fed on the very same subjects.

Wall Street and rich people getting more rich from legalized counterfeiting and market manipulation. Yawn. Old news.

Here’s some more old news market manipulation from one of our favorite cronies: 17 - Ether should be as much as 75% lower at around $1,000 based on network activity, JPMorgan says

Big yawn, guys, big yawn. JP Morgan is notorious for propagating propaganda to manipulate both the traditional markets as well as the crypto markets to buy things low from paper-handed retail investors to sell high for a profit back to those same paper-handed retail investors.

In fact, it looks something like this: 18 - Whenever you panic sell, you sell right into the whales bag and you are getting eaten up.

But maybe JP Morgan’s publication was a little different this time around. Maybe they released it because they were feeling a little threatened as 19 - Ether’s Price Pushes Past $4K for First Time, it Approaches JPMorgan’s Market Value.

Epic. At the end of the day, 20 - Elites built their power by controlling information and controlling the money. Now they have lost control of both.

Yes, they should be scared as a 21 - Doge Statue Stares Down Wall Street’s Charging Bull.

The Shiba Inu statue represents cryptocurrency's challenge to traditional finance.

And Doge in some cases is eating Wall Street’s workforce alive. 22 - Goldman Sucks London Managing Director said to quit after making a fortune on Dogecoin 

23 - A managing director is said to have quit Goldman Sachs in London after making millions at Dogecoin.

Sources say that Aziz McMahon, a managing director and head of emerging market sales at Goldman Sachs in London, has resigned, allegedly after making money on Dogecoin, the cryptocurrency championed by Elon Musk whose value rose 72 times between the start of January and late last week.

Wow. Amazing. So as the value of crypto increases and we all inch ever more closely to retiring off of our crypto gains, make sure you are transferring your crypto off of exchanges to hold safely in a cold storage hardware wallet.

You can scroll down to the description area below to access the correct and official sites of my recommended hardware wallets.

BC Vault is my personal favorite, another option is the Ledger nano backup pack. So Scroll down to check them out.

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Protecting your ability to generate income so you can buy more crypto is another important thing to consider. So if you’d like to learn more about the advanced technical concepts of blockchain and become a developer in the space, check out Ivan on Tech’s academy.

If you use the link below, you can access the academy at a discounted price, so scroll down, and check it out.

Nice. As the week presses on, Elon continues to champion his precious meme coin in yet another tweet this week asking the world: 24 - Do you want Tesla to accept Doge? To which I and 3 million people responded: Yes.

Sweet. And that was just one of a few Elon tweets that rocked the crypto markets this week. Tesla, after announcing it would accept bitcoin for payment, retracts it’s move in this company statement Elon shared on Twitter:

25 - Tesla has suspended vehicle purchases using bitcoin. We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment. 

Tesla will not be selling any bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.

We are also looking at other cryptocurrencies that use less than 1% of bitcoin’s energy per transaction.

Big yikes. The aftermath? 26 - Elon Musk’s Tweet Wiped Out $360 Billion Worth of Bitcoin. It May Have Been Marketing for Tesla.

I agree with the narrative that Tesla’s announcement was a marketing ploy, because the world’s richest man in the world who is building rockets to go to mars, is probably well aware of how bitcoin mining works, and with his penchant for green energy is also probably well aware of the contents of this article:

27 - What’s the Carbon Footprint of Fiat Money? Bigger than bitcoin, that's for sure.

28 - Critics of Bitcoin like to compare its carbon footprint to a transaction on your Visa card, ignoring the environmental impact of the infrastructure that sustains fiat money and the enormous collateral damage that fiat brings. 

These secondary effects make fiat money orders of magnitude more energy-destructive than Bitcoin. 

29 - You can appreciate fiat’s secondary footprint from any street corner on Earth: 80,000 bank branches and 470,000 ATMs in the U.S. alone, along with forests of skyscrapers that dominate every city on the planet. 

Then the part we don’t see: Finance and insurance are 8.4% of the gross domestic product in the U.S., only slightly behind manufacturing. 

That means millions taking the subway or driving to the office – or, the pandemic equivalent, firing up an army of laptops and call centers – to sling paper money under fiat’s harsh fluorescent glow. Visa transactions don’t even come close.

There’s no doubt in my mind Tesla is well aware of these facts, so the announcement that they won’t be accepting bitcoin until it’s more environmentally friendly was totally a marketing scheme in my opinion.

Check out this tweet by Tim Draper: 30 - Has anyone calculated the energy and the CO2 the existing banking system uses? The buildings, the paper, the bankers themselves? 

Maybe Elon should not accept Fiat for cars? #bitcoin

Right?! Wouldn’t that be something. Tesla not accepting fiat for their products would cause quite a scene, which Elon loves doing. And yes, Draper, someone has in fact made these calculations.

31 - Take a look at this chart depicting energy expenditure across monetary and banking systems. All in all, bitcoin uses a mere 7.8% of the entire banking system’s energy.

So will Tesla stop accepting fiat? For the foreseeable future, I doubt it. But will Tesla start accepting dogecoin? I think there is a strong possibility.

Yet another market-rocking tweet from Elon this week. He says: 32 - Working with Doge devs to improve system transaction efficiency. Potentially promising.

Another troll comment or is there any truth to it?

Well, 33 - Dogecoin Developers Say They've Been Working with Elon Musk Since 2019
They are working with him to make the cryptocurrency a cheaper, greener alternative to Bitcoin.

Okay, so following this whole Elon is working with Doge debacle was an onslaught of commentary that Musk is losing credibility, he’s being insane, or if he were actually serious he’d be looking at blockchain projects like Cardano, bitcoin cash or similar.

But what’s interesting is he may actually be on to something. 34 - Check out this chart comparing some cryptocurrencies by the amount of kilowatt hours consumed per transaction:

Ripple Lab’s XRP coin uses the least amount of energy, which is great except for the fact that the network is centralized, was created by the big bankers that tanked our economy in the first place, they are dealing with SEC issues at the time of this video, among other things.

But check out the next crypto in line with the least amount of energy consumption. That’s right, dogecoin. Followed by Cardano, Litecoin, Bitcoin cash, ethereum, and bitcoin.

Interesting things to think about. We shall see how the Elon and Dogecoin saga continues to rage on through this bull market and beyond.


Well that was Last Week Crypto, with me Crypto Casey.

If you enjoyed the episode, please make sure to like this video and subscribe to my channel for more crypto content.

To check out the links to all of the articles we discussed, go to

So what do you think about Elon working with Doge developers?

Will Tesla start accepting Doge for their products and services?

What would happen if they stopped accepting fiat?

Let me know in the comments below.

Be safe out there.

Wednesday AMA
Market Movements
World's dollar reserves hit 25-year low
Why Soaring Stocks Could Be Bad News For The Economy
Fed is endangering the dollar’s global reserve status
Fed & Powell denial on exacerbating wealth inequality
Ether should be as much as 75% lower
Whenever you panic sell...
Ether Price Pushes Past $4K for First Time
Elites built their power by controlling information
Doge Statue in Front of Bull
Goldman Sachs London MD said to qui
Buy a Hardware Wallet ASAP!
BlockFi Crypto Services
Protect Your Ability to Generate Income
Elon Musk runs a poll on Twitter
Elon Musk’s Tweet Wiped Out $360 Billion of BTC
What’s the Carbon Footprint of Fiat Money?
Has anyone calculated…
Dogecoin Developers Say…
Crypto Energy-Use Chart