The Hidden Costs of the Petrodollar

The world’s reserve currency relies on oil, dictators, inequality and the military-industrial complex. But a Bitcoin standard could change this.

In its growth from conceptual white paper to trillion-dollar asset, Bitcoin has attracted an enormous amount of criticism. Detractors focus on its perceived negative externalities: energy consumption, carbon footprint, lack of centralized control and inability to be regulated. Regardless of the validity of these arguments, few critics stop to think comparatively about the negative externalities of the world’s current financial system of dollar hegemony.