The adult babies saying Bitcoin is dead are influencers looking for clicks. You can’t be angry at adults trying to buy food and pay their bills. I get it.
But Bitcoin is an unconventional technology. It has no payroll, no office, and no marketing team. Bitcoin relies solely on word of mouth to survive and grow. There’s another thing that is missed.
Bitcoin is now a brand.
The Bitcoin car in the Indy 500 shows quietly what Bitcoin is becoming. Bitcoin is more than a brand, though. Bitcoin is a movement. The movement has one message to share… Stop creating money out of thin air and giving it to the elites and institutions.
Bitcoin users are saying nicely, “Give us free markets again.” When the stock market needs to dip because of high unemployment or a global health crisis, let it. As long as markets are propped up with money created out of thin air, inequality will rise.
I figured out why Americans are angry about money.
You can’t blame America. See the problem Bitcoin solves is hard to see when you measure everything (including inflation) in U.S. dollars. The product that is U.S. dollars blinds us from the truth: the poor are getting much poorer.
Don’t believe me?
Check this out. Well-known investor Raoul Pal measured the net worth of average American households. Instead of measuring their wealth in U.S. dollars, he simply changed the denominator to the Fed Balance Sheet. Now, let’s not get into finance talk because that’s boring. The outcome is this.
U.S. households are 130.95% poorer than they used to be.
Guess when two-thirds of the drop in wealth occurred: 2008–2009 during the Great Recession. This is the same time the U.S. government and other major economies all around the world started creating money out of thin air and slapping the label bailout on it to create the illusion. Guess what else happened at this exact same time? Satoshi Nakamoto, the creator of Bitcoin, launched a silent protest against creating money out of thin air.
So when you see Americans angry about anything money-related, now you know why. The answer isn’t to say Bitcoin is dead. Bitcoin is trying to (successfully, so far) solve the problem. The solution is to reinvent the global financial system so that everybody has access to a bank account via their phone and can transfer the hard-earned currency they created with their time into value they can use to live. Let’s put away the Bitcoin anger.
Let’s fix inequality with financial inclusion. Maybe it’s with Bitcoin as Jack Dorsey says. Or maybe it’s with another technology.
But sitting around with our heads buried in the sand calling Bitcoin dead for the 417th time does nobody any good. “There has never been a statue erected to a critic,” says Jean Sibelius and that’s timely advice.
Bitcoin is the start (not the finished version) of a new financial system.
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