Economist Steve Keen Warns Bitcoin Could Be Sacrificed in an Energy Crisis

Bitcoin relies on miners committing substantial computing power and electricity to secure its proof-of-work (PoW) network, making its energy consumption a persistent focus of regulatory and environmental controversy. Economist Steve Keen argues that if a global energy crisis forces governments to prioritize electricity for households and industry, the energy-intensive mechanism would undermine claims that Bitcoin is a safe-haven and crisis-resistant asset.

Keen recently warned that Bitcoin mining could be among the first uses to be curtailed or halted when power supplies for households and industry are constrained, potentially making related assets the first to be sacrificed by the market. However, the available information does not specify when he made the remarks or identify his institutional affiliation. It also provides no figures for electricity prices, power shortfalls, Bitcoin's energy use or the amount of capital involved, meaning the warning remains a risk assessment rather than a policy measure already enacted.