From the Federal Reserve, to the European Central Bank, to the Bank of England, the narrative remains strong. Cryptocurrencies are bad, and they may even spill over into mainstream finance, possibly causing a crash of huge proportions.
Hardly a day goes without a story emerging, prompted by one of the leading figures in traditional finance, along the lines that the crypto industry is threatening us all, and if not put into a strait jacket of extremely tight regulations, will pull the whole planet to its knees.
When the likes of hedge fund god Warren Buffet, President of the European Central Bank Christine Lagarde, US Fed Vice Chairwoman Lael Brainard, famed economist Paul Krugman, among many other illustrious thought leaders, say that crypto is bad for us, who would dare to disagree with them?
All the above must feel totally vindicated to see the crypto industry going through such hard times. Multi-billion crypto hedge funds and lending platforms are going bankrupt, and the chain of contagion could go on for quite a while. A smug “I told you so” across the board may well be in order.
All the above luminaries are completely enmeshed in the traditional financial system. They are either pillars of it, or they earn their daily bread by using it. It could be argued that they see crypto through the lens of the current system, and they are not happy with how many crypto companies do not comply with the system they have lived their whole lives within.
However, there is truth in some of the accusations levelled at the crypto industry. Given that regulation has been practically non-existent for such a long time, many bad actors moved into the space and took advantage of investors who were not savvy enough. The sector is currently experiencing the fall-out from this as the Three Arrows and Celsius downfalls will testify.
But the question needs to be asked – why did Bitcoin and the cryptocurrency industry come about in the first place? And many pro-crypto believers would answer that it was an attempt to replace a completely broken fiat-backed financial system that is just about ready to implode.
It could be argued that control of the mainstream media helps to keep the world’s population in the dark as to exactly what is going on in our economies.
Ever since Nixon took the US dollar off the gold standard, governments have had free rein to print as much money as they like. Even 2% inflation wipes out 50% of purchasing power for a generation. How many people could even imagine how much of their wealth is being destroyed in these current times.
When central bank officials and economists do not realise where money comes from, then there is even less hope for this failing system going forward. Money is created from debt, and in order for the system to keep going, more debt will have to be incurred.
All fiat currencies have been debased to a ridiculous extent over their lifetimes, and the poor and middle classes have had to pay the cost of this.
So what hope is there?
Education on the current monetary system needs to take place, but as stated previously, mainstream media continues to help maintain the curtain of obscurity.
Therefore, the events that are about to take place, where entire countries and their economies go bankrupt, should induce at least some people to invest wealth into bitcoin.
Having hard money that can not be manipulated by governments or their agencies, and which is completely outside of the debt-ridden fiat monetary system, may have huge benefits for those who realise it.
The fight is on. Central Bank Digital Currencies are coming in a not too distant future. Should they prevail, then what we use for transacting in our daily lives could be used to completely enslave us, given the total control they can potentially provide to governments.
Education is the key. Only those who are able to discover the truth can come out of the coming monetary reset on the right side of it.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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