CryptoQuant CEO Ki Young Ju argued Wednesday that Bitcoin (BTC) functions as the monetary foundation for an artificial intelligence-driven economy, asserting that the cryptocurrency's proof-of-work mechanism can measure energy value with a precision that traditional commodities cannot match.
What Happened: Energy Thesis Revival
Ju posted his analysis on X, framing Bitcoin as a digital instrument capable of pricing energy in ways gold and other physical assets cannot replicate. "Energy is money. Bitcoin precisely measures the value of energy," Ju wrote.
"Gold also embeds energy, but it cannot be measured accurately because it is not digital. Bitcoin is the money of an AI-accelerated energy economy."
His comments accompanied a detailed analysis from Hashed CEO Simon Kim, who argued that the decade-old "energy waste" critique of Bitcoin mining is being overtaken by the AI data center buildout.
Kim pointed to capital flows as evidence, highlighting Abu Dhabi sovereign wealth fund Mubadala's $437 million allocation to BlackRock's Bitcoin ETF in Q4 2024.
Kim also cited Mubadala's October 2025 co-lead of Crusoe Energy's Series E round, a $1.375 billion investment that pushed the company's valuation above $10 billion. Crusoe subsequently announced plans to divest its Bitcoin mining division to focus entirely on AI infrastructure.
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Why It Matters: Grid Economics Shift
Kim's thesis centers on operational advantages miners bring to AI infrastructure buildouts, specifically their experience securing power capacity, managing high-density thermal loads, and operating flexible demand.
He noted that Riot Blockchain cut power usage by 98-99% during the 2022 Texas winter storm and received $31.7 million in power credits during an August 2023 heatwave.
The environmental critique is also evolving, Kim argued, citing data showing more than half of Bitcoin mining now uses sustainable sources, exceeding 52%, while coal dependence fell from 36% to under 9%. On methane, he described flare-gas mining as cutting CO2-equivalent emissions by over 60% versus traditional flaring.
Kim's closing argument framed the distinction in operational terms.
"AI operates where continuous uptime is essential; Bitcoin operates where flexibility has value," he wrote. "Governments can print money, but they cannot print energy."
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