The University of Wyoming is gearing up for the launch of the UW Bitcoin Research Institute this August. This new initiative aims to enhance the quality and quantity of academic research focused on Bitcoin, delivering high-caliber, peer-reviewed studies to better inform the public about this complex cryptocurrency.
Bradley Rettler, a well-known Bitcoin advocate and Associate Professor at the University of Wyoming, took to X on July 28 to announce the establishment of the institute. Rettler, who will also serve as the institute’s director, has been vocal about the need for more rigorous academic scrutiny in the realm of Bitcoin research.
Addressing Gaps in Current Bitcoin Research
Rettler has criticized the state of current Bitcoin research as “poor” and underscored the necessity for more robust, peer-reviewed publications. He pointed out that much of the existing research fails to fully capture Bitcoin’s multifaceted nature, which in turn affects journalism and policy-making.
In his announcement, Rettler referenced a 2018 study by Professor Camilo Mora from the University of Hawaii. The study suggested that Bitcoin’s energy consumption could potentially raise global temperatures by 3.6° Fahrenheit (2°C) by 2048. Rettler argued that this study was flawed for several reasons:
- Difficulty Adjustment Omitted: The study did not consider Bitcoin’s difficulty adjustment mechanism, which affects mining efficiency and energy use.
- Block Size Cap Ignored: The researchers overlooked the fact that Bitcoin has a block size limit, which impacts transaction processing and scalability.
“These oversights not only skew the research but also misinform journalists and policymakers,” Rettler emphasized in his X post. He expressed frustration with how such inaccuracies filter into mainstream media and influence public understanding and policy.
The UW Bitcoin Research Institute is set to commence its operations with the start of the Fall semester for the 2024-2025 academic year. The institute will offer a range of academic activities aimed at fostering high-quality Bitcoin research and scholarship.
- Annual Summer Workshops: Focused on various aspects of Bitcoin technology and research.
- Academic Prizes: Recognizing outstanding contributions in Bitcoin research.
- Weekly Seminars: Providing a platform for scholars to present their research and engage in discussions.
In addition to its academic offerings, the institute is classified as a nonprofit organization. It will be accepting Bitcoin donations to support its research endeavors. Rettler assured potential donors, “We allocate 4% of our investments to Bitcoin, so if you donate Bitcoin, we will not sell it.”
Wyoming’s Growing Role in Bitcoin Advocacy
Wyoming has rapidly emerged as a hub for Bitcoin and cryptocurrency innovation in the United States. This development is largely attributed to influential figures such as Senator Cynthia Lummis and Caitlin Long, the founder and CEO of Custodia Bank, which specializes in Bitcoin custody solutions.
During the Bitcoin 2024 conference in Nashville on July 27, Senator Lummis introduced a strategic Bitcoin Reserve bill. This proposed legislation aims for the US to acquire 5% of the total 21 million Bitcoin supply, which would be used to help reduce national debt.
Lummis stated, “It can be used for one purpose, to reduce our debt,” highlighting her commitment to integrating Bitcoin into broader financial strategies.
Wyoming has also been proactive in creating a favorable legal environment for Bitcoin and digital assets. In February 2023, the state passed legislation that prevents state courts from forcing individuals to reveal their digital asset private keys. This legal framework is complemented by provisions for decentralized autonomous organizations (DAOs), further cementing Wyoming’s position as a leading state in cryptocurrency innovation.
| Aspect | Details |
|---|---|
| Institute Name | UW Bitcoin Research Institute |
| Launch Date | August 2024 |
| Director | Bradley Rettler |
| Key Activities | Annual summer workshops, academic prizes, weekly seminars |
| Nonprofit Status | Yes |
| Bitcoin Donations | Accepted, 4% of investments allocated to Bitcoin and not sold |
| Notable Figures | Senator Cynthia Lummis, Caitlin Long |
| Recent Legislation | Prohibits disclosure of digital asset private keys, supports DAOs |
The UW Bitcoin Research Institute’s launch marks a significant step in addressing the gaps in Bitcoin research and promoting a more informed public discourse about cryptocurrency.
Featured image credit: Wyoming_Jackrabbit via Flickr
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