If you hang out in the crypto community a lot, there is this sentiment, that cryptocurrencies will overthrow governments, ruin banks and put all of the power in people’s hands.
Utopia basically.
Granted, some of the people on the common social media platforms are the exact opposite to that and there are also still realistic people. And those are probably the majority.
But the vocal minority that keeps writing the leading headlines are the ones telling us to be patient and #hodl until the establishments give in to our overwhelming force.
I am sorry to shatter some dreams here, but that isn’t how this works in the slightest.
Because you don’t just overthrow establishments that rule the world with a cool technology and memes.
And yes, the banks rule the world. Money rules the world.
It always has and it always will.
Why is that you might ask?
Well, money means power. Influence. It also means a higher social status in your community or worldwide. So it is something to strive for. We all do it. It is inherent in us. If you want to learn more about this search for Jordan B. Peterson’s theory about the lobster.
With social status comes power. Money is probably just the easiest way to gain social status. Because for some reason people think rich people know it all.
But something else comes with it:
The fear of losing it.
People fear nothing more than losing power. Because it means losing status and luxuries, even friends, if you can call them that in that case.
So the establishments will fight to protect it and they did already. Because behind any establishment is also a or multiple persons with a defined status. And they tried and try to keep their status. Yes it didn’t work as they wished, they tried to ban it in multiple countries, or companies, some actually pulled through and did ban cryptocurrencies. But very quickly they realized that they will miss out on a big technological revolution.
Facebook lifted their ban on cryptocurrency ads. China did not yet, but there are big voices asking for it and that it might happen soon.
And if they are clever and don’t want to lose the worldwide economic battle those institutions and countries shouldn’t fight it.
They should join it. Which is what they are doing.
And that is fine.
Now you might think why is that fine?
The majority of — let’s call them “normal people”, the people outside of the crypto community — still think Bitcoin is just a nerdy way of buying drugs or illegal guns. And this gets brought up every time, just very recently when apparently the russian government used cryptocurrencies for interfering with the U.S. election. This has been disproven multiple times but the common crowd is always hard to convince once a narrative has settled.
And even if it were used for nefarious actions, well, the US Dollar certainly was never used for such things, right?
However those “normal” people do trust the banks. (I don’t know why you would trust them, but who am I to judge). With that trust, the banks — if they join in on crypto — can bring in the people’s money.
The average citizen needs trust when investing his hard earned money. The trust that it actually works what he is buying with his money.
Which is why high quality products are desirable albeit being much more expensive.
Apart from the minority of people like me and you, which are the early adopters type and are fine with risking money, they majority wants it safe. Which is also why people keep buying the high’s. Because at this point it seems “safe” to buy in, since everyone does and there’s lots of talk about it.
The exact opposite is actually the case if you want to succeed with it, but on the other hand you need these people to buy your bags at the highs, right?
Don’t feel bad about it, it’s your inner shadow.
So when the trusted banks accept and embrace cryptocurrencies, because they really have no other choice, that is when we have succeeded.
And this is happening, if you heard about the investment firm called BlackRock, just casually throwing around with 60 Trillion USD in assets, looking to invest in cryptocurrencies. That’s more than the whole cryptomarket combined. A lot more. Currently we sit at a marketcap of 300 billion.
That company announced that they are looking into cryptocurrencies. They might use it in the future. They realized they need to join it if they won’t be left behind.
So as you may have noticed while reading, bitcoin will definitely change the financial sector and therefore basically change the future.
But if you think the banks and institutions won’t play a big role in this you’re nothing but delusional. But it doesn’t matter, since they can co-exist.
And it seems like they will. Some might say this is against satoshi’s vision, but who knows? Apart from that, it is a noble vision to put ALL the power in people’s hands, but this has never worked in the hundreds of thousands of years humans lived on this planet.
Tell me you what you think about it:
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