Hands up if you read the title of this post with that Jack Nicholson voice from "A Few Good Men". Okay, hands up if you went back and did after I mentioned that....
This is something that has been floating around in my head for a while now based on some of their previous posts. The thought process still isn't super clear for me, so I apologize in advance if I tend to ramble or jump all over the place.
The idea that cryptocurrency is going to help spread the wealth and put it into the hands of more people is pretty common. I think it is going to very likely happen and in many cases we have already started to see it happen. Cough DOGE.
Of course Dogecoin is just a recent example of what has been happening for the past several months for many people who were well positioned coming out of the bear market.
I don't disagree with this idea, but it does raise some concerns for me.
For the most part until this point, people who are rich have always been rich. It is basically just a way of life for them. There are certain things they understand about that wealth and there are many things that they appreciate about it.
My issue is the fact that "regular" people may not know how to handle this new found wealth.
Sure, there are going to be plenty of people who learned how to budget in the lean times and they will apply those principles to any wealth that they come upon no matter the amount.
On the other hand, there are others who will likely burn through this newfound wealth on hookers and blow. Actually, as I type it out, that doesn't sound much different from the current rich people!
I know the masses are aching for this scenario. My question is, can the world handle it? Can the economy handle it?
Maybe I am being overly concerned and it would actually make the economy thrive if the playing field were more level.
Like I said, I have read a lot of posts about the fact that this is going to happen, so then what does the world look like once it does?
You can thank me later for the post topic idea :)
I don't know if you have seen the movie Caddyshack, but when I consider this, I always find myself thinking of Rodney Dangerfield's character... New money infiltrating the domain of old money. Are they ready? Is the world?