Will Socialism lead to mass crypto adoption

Bitcoin was developed and launched anonymously, with no specific political manifesto attached to it. It’s likely that the creator or creators hid their identity not just to protect themselves, but to further eliminate centralizing points of weakness that could be used to divide a community. The technology is clearly focused on reducing the role of government and eliminating its control of the monetary supply as well protecting personal sovereignty and control over one’s own money.

Ten years later and the cryptocurrency is being held as a beacon of hope by libertarians and Austrian economists. Libertarians are most typically associated with cryptocurrency due to the fact that it places a high value on personal freedom and autonomy . Bitcoin has long been seen as a tool that could help disempower banks and governments and allow people to live in economic freedom (although how exactly that would work is yet to be established). For their part, Austrians love the fact that it reduces the role of government in society.

Many Bitcoin critics will say that it has yet to establish any utility or use case that, as if digital scarcity weren’t hugely important to the world already, while others say that no one is currently using it and adoption may never happen. The latter may be true, too early to tell yet, but it’s possible that a somewhat new and potentially powerful political movement in the West may be the the thing that creates mass Bitcoin adoption. The youth socialist movements currently gaining traction in countries like the United States may inadvertently  accelerate this very thing.

Politicians like Alexandra Ocasio-Cortez are championing a new socialist movement in developed nations mostly fueled by an unsatisfied and debt-ridden youth demographic. While politicians chose a short term fix in 2008 with massive bailouts and quantitative easing (printing more fiat currency) which inevitable led to more inflation and a bigger debt burden for future generations, the ideals of socialism understandably appeal to a young and naive class of citizens.

Proposals like AOC’s “Green New Deal” will become more common in the near future. While potentially well intentioned, appear to be lack foundations in economic reality and intend to be funded by “extended credit lines”, also known ass “printing more and more fiat money”, which lead to more inflation and more unrest…and on and on it goes until…well….

It’s becoming clear that the near future may be chaotic, but hopefully the world comes out of it better for it, with sound money as the basis for future economic systems

Bitcoin is Coming!