Misinformed on Bitcoin [BTC] facts, Australian banker slammed by experts

Recently, a fair amount of agitation has arisen over Tony Richard’s speech on cryptocurrencies, delivered to the Australian Business Economists in Sydney, on June 26th. Tony Richard is the head of the payments policy department at the Reserve Bank of Australia [RBA].

The banker initially discussed the basics of Bitcoin, wherein he concluded that Bitcoin is not a currency but can only be termed as a ‘crypto-asset’. Jumping ahead, Richard nailed deeper into the facts related to power-consumption and crypto-mining. Some of the facts shared by the speaker were:

Tony Richard's speech transcription | Source: RBA's Official Website

Tony Richard’s speech transcription | Source: RBA’s Official Website

The marked statement became a cause of castigation directed for Tony Richard. Many Bitcoin experts and supporters, including an entrepreneur Jason Smith, and the Editor of Bitcoin Think, have criticized Richard’s unverified statements.

According to Smith, Bitcoin uses far less energy than claimed by the banker in his speech. Smith also shed light on the public availability of hash power data and the usage of green energy in most of the mining activities.

These remarks were followed by the words of Bitcoin Think’s Editor, who goes by the name of Beautyon. The crypto-expert said:

“Head of Payments Policy Department at the reserve bank of Australia should have submitted his piece for peer review and plagiarism checking. All his objections come from other sources, and are wrong. Most astonishing is that they think no one is watching.”

Beautyon also commented on Twitter, warning people to look out for wrong facts on cryptocurrency by those ‘whose livelihoods rely on the fraudulent fiat system’.

Richard, in his speech, had also stated that high processing power requires a high amount of energy, ‘mainly for air conditioning to cool computer servers’. He was once again slammed for passing this statement as fact with remarks of ‘not correct in the slightest’, in a tweet by Jason Smith.

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