Bitcoin Energy Consumption Now Rivals US Navy; Banks Flip to ‘Active’ Crypto Lending

Bitcoin’s expanding economic and technical impact is drawing renewed attention after Strategy executive chairman Michael Saylor stated that the network now consumes more electricity than the U.S. Navy and surpasses the combined data-center infrastructure of Microsoft and Google.

His remarks, delivered at Binance Blockchain Week, were accompanied by broader claims that shifting political leadership in Washington and sudden changes within major banks have altered how digital assets interact with U.S. financial markets.

The keynote’s most actionable insight centered on institutional access. Saylor declared that the US banking blockade has effectively collapsed following the recent political shift in Washington.

“I couldn’t get a loan against Bitcoin from any major bank,” Saylor recounted. “Now, if I counted the top 10 US banks, eight of them are engaged in crypto lending, and they’ve all flipped their stance in the last six months.”

He attributed this pivot to the “Crypto Capital” mandate led by President Trump and key appointees like SEC Chair Paul Atkins and Treasury Secretary Scott Bessent, creating a permissive environment for incumbents like BNY Mellon and U.S. Bank to re-enter the custody and lending arena.

Saylor said Bitcoin’s estimated 24-gigawatt energy use rivals roughly 24 nuclear reactors and exceeds the consumption associated with the U.S. Navy. He also stated that the network’s total computation exceeds that of the infrastructure operated by Microsoft and Google.

He added that Bitcoin’s role as a financial base layer has widened through liquidity access and a large, active user base. Strategy Inc. has accumulated approximately 650,000 BTC over the past five years, and the firm intends to surpass the treasury holdings of S&P 500 corporations.

Saylor also reiterated that bank participation will be a central driver of Bitcoin’s growth in 2026. He said roughly half of major U.S. banks have begun extending credit against Bitcoin in recent months and expect broader activity next year.

Saylor added that increased institutional demand, along with emerging credit markets, may diminish the relevance of Bitcoin’s historical four-year cycle as trading volumes expand and regulatory clarity improves.