Day 16/21
Bitcoin is freedom.
From Britney Spears’ conservatorship to entire countries of people in poverty, bitcoin shines a new light of hope on those who are economically trapped or excluded from the existing financial system.
Many of you reading through this right now likely don’t see the necessity for something like bitcoin in our personal lives; some of you might be occasionally tight on cash, others are living in a first-world opulence.
You might think that in order to solve the world’s issues surrounding inequity and inequality, we should be redistributing our wealth in a way that levels the playing field — and thus far, that seems to be what we’re doing as a society.
But to foster a system where we create dependency on others such as state actors to help us out is to push for a continual power imbalance — where ultimately, symptoms are (poorly) fixed and issues aren’t tackled at their core.
Bitcoin presents a true solution. If you fix the money, you’ll fix the world.
How Does Bitcoin Solve Global Problems?
The reason you might not see the value in bitcoin is because people don’t recognize the benefits of privacy and decentralization as forms of resilience against corrupt state actors, until they themselves experience an event that demonstrates the value behind such resilience. But, perhaps by listening to some stories of those whose lives have or can be improved because of bitcoin, you’ll start to see it in a new light.
Bitcoin isn’t just another investment asset to some. For many people around the world, bitcoin is just the thing they need in order to live a free and fulfilling life.
Currently, 4.2 billion people are living under authoritarian rule, and 1.2 billion are experiencing double or triple digit inflation. Most of us reading this right now aren’t familiar with these experiences, but the truth is, this issue is more prevalent than you think.
Venezuela As A Case Study
At the Bitcoin Conference in 2021, there was a dumpster filled with Venezuelan bolivars, all virtually worthless. Though the story is much more complicated, long story short, the bolivar had its value essentially printed away. Imagine you’re paying $5 for a cup of coffee one day and a year later you’re seeing hundreds and thousands of dollar bills inside a dumpster because they have no use anymore.
This may seem like a dystopian, far-fetched reality, but from 2016 to 2019, inflation of the bolivar had reached nearly 54,000,000%, rendering origami crafts made from the bills more valuable than the bills themselves. To realistically buy a loaf of bread or a gallon of milk with cash, you would need to roll wheelbarrows full of stacked bills to your local store. Not only that, but under a hyper-inflationary economy, these prices would shift daily — or even hourly.
Adopting Sound Money
While many claim that “this will never happen to the US dollar,” to that I say, never say never. In relation to other fiat currencies, the U.S. dollar is very sound. But in comparison to bitcoin, it’s just a ticking time bomb with a longer countdown. While we may be the last to fall, it proves how fiat stability is rooted in power and corruption. Through war, sanctions, market dominance, and corruption, we’ve made everyone else in the world dependent on the stability of our dollar and central government.
But slowly, countries are realizing they need to default to a sounder form of money.
On September 7, 2021, El Salvador became the first country to officially adopt bitcoin as legal tender.
While many are skeptical to see how this will play out (as bitcoin is still in its very early stages of adoption and stability), many more are hopeful. If the government of El Salvador becomes corrupted, its citizens will be able to hold their wealth without their savings being debased. This is something that so many people in Turkey, Lebanon, Afghanistan, and other unstable countries can only pray for.
I only hope as many of these people as possible can discover bitcoin and realize that there is a solution. Rather than trying to carry jewels and gold across borders, one now only needs a simple seed phrase stored inside their memory to access and transport their wealth.
We’ve come a long way in our fights for justice, but it’s time to open the blinds and see how bitcoin can help us gain back our freedoms once and for all. You wouldn’t be the first renegade, but unlike those in the past, you now have full, self-sovereign control over your own wealth.
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