Bitcoiners and the spirit of Satoshi

Written as a City A.M. column in April 2023, the piece responds to negative portrayals of bitcoiners by pointing to what it calls the humanitarian vision of Satoshi Nakamoto’s whitepaper: a decentralised digital currency operating outside traditional financial systems and free from the control of banks and governments. The column argues that bitcoin is often misreported, citing its energy use as an example and pointing to mining’s ability to turn methane into work that secures the network.

It describes bitcoiners as critical thinkers who want to help the unbanked, savers whose wealth is eroded by inflation, women who may be forbidden from holding their own money and victims of war, and who want a just relationship with the environment. The column recommends following researchers and advocates working on bitcoin’s potential for circular economies and environmental targets, and calls on bitcoiners and non-bitcoiners to work together for a better future.