Bitcoin is the ultimate populist movement
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Bitcoin is the ultimate populist movement

Bitcoin is the ultimate populist movement

Sorry for the length of the following, but just some commentary from someone who follows history and the market:

Populism has been increasingly on the rise in the past decade. Starting with Trudeau in Canada, extending to the 5 Star Movement in Italy, Brexit in the UK, Yellow Vests in France, Trump in the US, the success of Elizabeth Warren and Bernie Sanders, the protests in Russia, etc.

First, defining populism. Populism is basically the idea that the elites have a certain level of treatment that’s reserved for them, that government rules and laws are made and skewed towards their favor, and that the everyday person deserves to be treated just as fairly and equally.

Its been fairly evident throughout history that lawmakers are biased. Why? Because lawmakers are inherently wealthy (Ted Cruz with net worth of $4mm, Romney with net worth of $250mm, even Elizabeth Warren with her net worth of $12mm). Therefore, in aggregate, the laws that are issued will naturally favor those making the laws.

As a result of biased lawmakers, industries themselves who are governed by these laws will ultimately favor those at the top. Think private health insurance, financial services, etc. The rule of society is, those who can afford the bigger legal team wins. The GameStop debacle was the latest in a long history of inequalities which shows that the rules that are mandated to the common person don’t apply to the rich.

Enter Bitcoin, a platform where everyone is regarded equally. Where common day people can invest and grow their wealth at a disproportionate rate relative to stocks, bonds, and traditional assets that the wealthy have loaded up their yachts with. Where the average worker can break away from the traditional hierarchical pyramid, and actually start their own financial ecosystem. Effectively taking power away from those at the top, and spreading it amongst those who hold it.

Central banks aren’t stupid. They understand how technologically efficient crypto currencies are. That’s why 86% of central banks around the world are experimenting with CBDCs (according to Deutsche Bank IB Research), and why China is live testing theirs as we speak. However, central banks also don’t want to lose power. That’s why they’re extremely cautious of Bitcoin and the traction that it’s garnering, and cautioning against the adoption thereof (think China bans, Yellen FUD, etc.).

The question therefore becomes, who wins? Will the political and financial elite, who have dictated our current socio-economic constructs rise out on top like they always do and Bitcoin just fades away as a fad? Or will the average person grasp the opportunity that Bitcoin provides to show the 1% that the power of the 99% is a force to be reckoned with, and really change the financial system (and their own net wealth) for the better.

Only time will tell. But with the continued rise of populism around the world and the idea that the average person should be treated the same as the financial and political elite, Bitcoin is the ultimate vehicle to propel that forward, and it’s no wonder so many at the top are worried.

submitted by /u/avernamethyst112
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