News - Bitcoin gains political support in Europe

By Mike Hesp

Bitcoin gains political support in Europe

Bitcoin (BTC)
Laws and regulations

Time and again, politicians have spoken out against Bitcoin. Thanks to the European Bitcoin Energy Association (EBEA) crypto now has a lobby as well.

Bitcoin is decentralized: there is no foundation, headquarters or single entity that can be attacked. What Bitcoiners call an advantage over Ethereum or Ripple is often the cryptocurrency's downfall in politics. Until now, it has lacked a voice in politics. This is about to change with the European Bitcoin Energy Association (EBEA).

EBEA consists of seven founding members and now represents the interests of the Bitcoin industry in Europe. The lobbying organization thus acts as a counterpart to the U.S. Bitcoin Mining Council, founded by Bitcoin advocate Michael Saylor. But what does EBEA want to achieve in European politics? And does Bitcoin actually need a lobbying organization at all? Rachel Geyer, vice president of EBEA, explained it to us.

European Bitcoin Energy Association: Bitcoin and fiat united

EBEA brings together well-known players in the Bitcoin industry. These include the two mining companies Scilling Digital Mining and Prosperity Digital, the Czech mining giant Braiins, the Stuttgart Stock Exchange, the brokerage service Coinfinity, the Bitcoin platform Terahash and Blocktrainer.

"The founding members come from the world of finance (fiat and Bitcoin) and from the world of mining, energy and climate technology. This was very important for us to maximize our reach," Rachel Geyer explained when asked.

What EBEA wants to work on in 2024

EBEA has set itself several goals for the coming years. On the one hand, EBEA wants to build political commitment at the European and national level, cooperate with EU-based mining companies and promote awareness and membership in the association. "The goal of the association is to transfer knowledge about mining and its interaction with the energy infrastructure in the EU," Geyer summarized to Germany's BTC-ECHO.

"We hope for many new members who will support us both financially and with their knowledge and network," he continued. Terahash.energy GmbH financed the start-up costs with an interest-free loan. "EBEA is mainly financed by membership fees and donations," Geyer says when asked. The lobbying organization is registered with the Augsburg District Court, the home of Terahash.

"Bitcoin doesn't need EBEA"

"The world is undergoing massive structural changes, driven by a shift in geopolitical power dynamics, climate change, migratory movements, demographics and much more," states the website. Europe is not exempt from this development.

"If the EU is to remain a sustainable, forward-looking and prosperous location, policymakers, regulators and politicians must take the time to understand the benefits and potential of Bitcoin mining and proof-of-work and promote them accordingly," Geyer said, highlighting EBEA's concerns.

"Bitcoin does not need EBEA. In my opinion, Bitcoin will prevail regardless," concluded the vice president of the European Bitcoin Energy Association.

Politicians continue to push back on Bitcoin: this is why EBEA is needed

The need for a voice for Bitcoin at the political level is becoming increasingly apparent. While an actual ban on Bitcoin has been on the table since the MiCA regulation, the CDU/CSU parliamentary group recently called for a ban on certain Bitcoin transactions.

The European Commission has also issued a report published which portrays Bitcoin as "harmful to the environment, a threat to EU energy security and a haven for financial criminals." ESG activist and Bitcoiner Daniel Batten sees this as a plan to pave the way for a de facto ban on Bitcoin and mining BTC in the EU.

The European Bitcoin Energy Association is important for exactly this type of alleged attack - to clear up ignorance in politics.

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