Bitcoin flirting with $96,000? Awesome for them, I guess. As the S&P 500 and Nasdaq continue to creep higher, help by… what, exactly? A trade deal with a mystery country? All the while consumers’ confidence is tanking and job openings are vanishing quicker than my hope for affordable housing. Something is fishy, and to be honest I’m angry.

Bitcoin's Boom; Society's Doom?

At Bitwise, Jeff Park is sounding the alarm on “dollar weaponization” and long-term damage to U.S. creditworthiness. He's worried about higher global capital costs. Instead, I’m concerned if I’ll have enough money to feed myself next month. This disconnect is infuriating. Then we constantly hear that we need to be happy about the stock market gains. The actual economy has a wildly different story to share.

And then there's Bitcoin. It's soaring, apparently. Great for all of you who were lucky enough to get in early, to be sure. But let’s not kid ourselves—a large share of that wealth is captured by a wealthy, privileged elite. Even though everyone thinks of them as “crypto bros”. You know the type: libertarian-leaning, convinced they've gamed the system, and probably driving a Tesla they can barely afford.

The truth is, the crypto bull market’s profits aren’t reaching Americans at all. They're not creating jobs. They're not boosting consumer confidence. They're just making a select few even wealthier while the rest of us struggle with the fallout from… well, let's call it what it is: economic mismanagement.

Look at the numbers. Consumer confidence is at its weakest since May 2020. Meanwhile, the consumer outlook just hit its lowest point since 2011. That’s not just one random blip – that’s a trend, and it’s an incredibly scary trend.

Wealth Redistribution Via Crypto Tax

So, Bitcoin hits $96K. Great. Now what? Are we meant to pop champagne when the economy is still balancing on a knife’s edge? It’s a big reason why I say it’s time for a reality check. It's time to tax the crypto bros.

I know, I know. The "tax the rich" argument. You've heard it all before. This isn’t merely a matter of fairness. It’s a matter of survival. This isn't envy, it's necessity. We need real resources to invest in social programs, infrastructure, education, and healthcare. We need to level the playing field and create a more equitable society. A modest, targeted tax on crypto gains would be a great place to start. This is particularly so considering the current, historically inflated levels of these gains.

I understand the knee-jerk reaction. "It's my money, I earned it!" Fine. Yet, did you construct the arteries that connect your community? Did you educate yourself in a vacuum? Did you grow up in a world that, though imperfect, still embodies the promise of universal security and opportunity at their best? Not every crypto investor is a bad actor, but the system is indeed rigged. The unfairness caused when profits are privatized and losses socialized has to be fixed.

  • Funding Social Programs: Imagine what that revenue could do for affordable housing, job training, or even universal basic income.
  • Addressing Inequality: It's a direct way to redistribute wealth from those who are benefiting the most to those who are struggling the most.
  • Investing in the Future: That money could be used to fund renewable energy projects, address climate change, and create a more sustainable economy for everyone.

My generation is recently looking at the face of economic adversity. We’re burdened by student debt, fighting for jobs with little or no prospects, and experiencing a climate emergency that puts our survival into question. Instead, we’re told to bootstrap it ourselves. Those bootstraps are frayed, and our boots are shot. We were born with the sort of financial crisis that our world is in today, and we’ve survived it.

Gen Z's Economic Wake-Up Call

We're not asking for a handout. We're asking for a fair shot. We’re calling for a system that works better for all Americans, not just the lucky few who have access to a fancy new technology. We will not rest until the carpetbaggers' get-rich-quick scheme is stopped. We’re not going to leave the rest of us in the dust.

This isn't just about Bitcoin. It's about a fundamental shift in power. It’s about power — taking it from the status quo and using it against them to demand a more just and equitable society. That is, if we learn the lesson that we are all indeed in this together. We look forward to working together to build a brighter future.

So, yeah, Bitcoin might hit $96K. But unless we start taxing those gains and using them to benefit everyone, it's just going to be another sign of a system that's rigged against us. And that’s a reality I’m not prepared to live with. Are you?

So, yeah, Bitcoin might hit $96K. But unless we start taxing those gains and using them to benefit everyone, it's just going to be another sign of a system that's rigged against us. And that's not something I'm willing to accept. Are you?