We live in paradoxical times. One the one hand, with this global health crisis, countries that once pushed for globalization are closing their borders, in the interest of self-preservation.
On the other hand, with the collapse of our economies and institutional mistrust at an all time high, cryptocurrency no longer seems like a fringe pursuit.
Of course, the world is not going to change overnight, but in stages. For example, countries are trying to reopen and return to some semblance of normalcy.
But, as people start to travel, again, they are bound to hesitate and ask themselves how are other countries handling Covid and might it not be safer to stay home. Likewise, with commercial products crossing borders.
And, because everything is connected, oil, the cause of many wars and bloodshed, is one of the casualties of the economic collapse, with so much oil and so little demand for it, during our global lockdown.
Enter cryptocurrency, with a superhero cape, as an instrument of globalization that people can trust.
In the USA, at least, well before this pandemic, we are witnessing the rise of entitlement, without a sense of responsibility. People, blindly, rely on governments and corporations to hold their money, fix their problems, and become infantilized in the process - handing over their agency and autonomy to another, without question.
But, paradoxically, cryptocurrency offers us a chance to move backwards and forwards at the same time. With decentralized digital money, we return to a sense of responsibility for our affairs, money, lives, and are less dependent on governments or unscrupulous middlemen & relying on ourselves.
With Bitcoin-halving expected around May 12, historically, prices are excepted to surge due to its scarcity. Will Bitcoin and, in turn cryptocurrency, become more appealing to the masses, at this time, versus their collapsing local currencies?
I learned, recently, that our economy is based on debt. Governments create money that's used to issue loans. So, the debt of others is the bank's asset; or our loss, their gain. Then, when the economy falls and one is sent home, unable to work, they default on their loans, which destroys the creation of further money.
This is referred to as quantitative easing (QE), a form of unconventional monetary policy in which a central bank purchases longer-term securities from the open market in order to increase the money supply and encourage lending and investment.
So, if the system is rigged in their favor and we are being offered the opportunity to reclaim the reins of our lives, might this crisis present us an opportunity in disguise, to overthrow the old broken model and usher in a New World?
What do you think? What direction do you see the world moving in post-Covid; how might our economies recover?
Something to think about, during these strange, volatile times... I would love to hear your feedback and explore alternative scenarios from different backgrounds/cultures.