I don’t understand what energy’s fungibility has to do with anything I’ve said. Most economic uses of energy involve exchanging it for productive capacity or consumer demand. Bitcoin definitely is an economic use of energy, just not a good or desirable one.

I don’t think the directly comparable elements of the financial system (i.e., storage and settlement) use anywhere near as much power as Bitcoin does. Unless you’re doing that thing where you’re comparing the entire traditional economy to Bitcoin, which is silly: the traditional economy has actually valuable outflows, and Bitcoin does not replace factories and their workers.