The recent downturn has been incredibly disappointing, but not for the reasons that so many articles talk about. Sure it’s overwhelming when the price of a single Bitcoin drops more in one day than I make in a month. However, the truth is that at its highest point, the amount Bitcoin we held wasn’t really life changing. I will most likely never retire because I’m young enough to know that Social Security will be a memory of past generations by the time I need it. Health care costs as I age will consume the money that I want to pass to my kids. Having enough money is myth, as long as the one percent continue to control and manipulate everything. The current system has quite simply let me down.
The real question that should be asked in the Bitcoin debate isn’t whether or not I trust Bitcoin. The question should be why does anyone, who isn’t the top one percent, continue to trust the banks and government backed currencies. Worldwide there have been so many banking and currency disasters that I can’t mention them all. So I will revisit the banking crisis in 2008 in the US. “The 2008 financial crisis was the worst economic disaster since the Great Depression of 1929. It occurred despite aggressive efforts by the Federal Reserve and Treasury Department to prevent the U.S. banking system from collapsing.” according to Kimberly Amadeo from The Balance. I admit I’m not an economist but I couldn’t understand why the government choose to give the money to the corrupt bankers who caused the crisis in the first place? Why not give it to the homeowners to get current with their payments? So I don’t trust bankers. I feel bullied that until now there hasn’t been another way. Fees at the ATM, fees to use electronic check pay, higher interest returns for those with more money and lower interest loans for the wealthy demonstrate how inequitable the banking system is for the rest of us. I don’t trust banks.
Bitcoin provides a way to interact more fairly. It is a system that helps redistribute the wealth. Governments can’t create more on the backs of normal people to pay off bankers who messed up. We all hold the information so we, normal people world wide, hold them accountable. We are in a class war despite what either side of the aisle wants you to believe. As a country we continue to go further into debt, while most of us don’t feel the benefit. Our children carry more debt than any generation before them trying to make a better life for themselves.
So I am sticking with Bitcoin. Hoping for the day that I can use it on my phone at Target to pay for groceries. Do I falter when the price drops at such alarming rates? I realize that the rich know that if everyone chose to use Bitcoin the millions of dollars they own would be worth less. Of course they are invested in short selling the futures in a hope to manipulate the price. Instead I am hopeful that a lower price helped someone else like me, the hard working fading middle class, get in and join the revolution. Bitcoin isn’t a bubble. It is a peaceful revolution.