Bitcoin nudging $100K? Trump suddenly singing crypto's praises? It smells too convenient all around, doesn’t it? Especially for Gen Z. Look, I get it. Easy fortunes and the opportunity to take on the political establishment attract many. This appeal strikes a particular cord in a generation laden with student debt and increasingly disenchanted with the established financial paradigm. Before you dive headfirst into this digital gold rush, ask yourself: is this newfound crypto love a genuine opportunity, or a gilded cage?
Quick Riches Or Fool's Gold?
Let's be real. After all, Trump’s legacy certainly isn’t one of standing up for the most vulnerable amongst us. History tells us that deregulating under a Trump administration would be a recipe for disaster. Combined with the crypto market’s inherent volatility, this combination could increase the likelihood of disaster. Maybe even more alarming, pump-and-dump schemes are reportedly booming. With rug pulls now the norm, scammers are living their best lives, increasingly duping unsuspecting investors.
Bitcoin ETF inflows are already at record levels, motivated in large part by advanced assurances of rate cuts. What if those cuts never come through? What happens when the music stops? Though many Gen Z investors have little or no experience preparing for and weathering a market crash. As a consequence, they can find themselves left holding the bag with huge losses.
Requires a lot more than the fear of facing financial ruin. It’s a racial inequality baked into the system. Unregulated crypto markets are a recipe for exploitation. This disproportionately harms marginalized communities and younger investors, who typically do not have the financial literacy and resources necessary to understand and mitigate their risks. In fact, we’ve just recently witnessed a prime example of this during the Bitget manipulation event, where illegal profits totaled at $20 million! What other smaller scams like this are just slipping under the radar?
Environmental Doom or Green Revolution?
Bitcoin mining is an environmental nightmare. All of these intricate computations consume gigantic quantities of energy, typically produced by fossil fuels. A Trump administration, well-known for climate denial and pursuit of deregulation, is less likely to push green crypto solutions.
Do we really want to destroy the planet on the digital currency altar? Are we really willing to worsen the climate emergency in order to allow a handful of people to get rich overnight? This is not only a financial concern — it’s an ethical one.
Sure, there are these altcoins practicing greener, sustainable alternatives such as proof-of-stake. Nevertheless, Bitcoin is still king, and its environmental footprint is enormous. What we do need are leaders with plans to truly advocate for and implement greener practices. We simply do not have the luxury of anyone ignoring environmental degradation.
Freedom Fighter or Facilitator of Crime?
Monero’s recent price surge—triggered by a controversial $333 million transaction—brings to light the seedy underbelly of crypto. Its privacy features that attract the law-abiding also make it a refuge for money laundering and other nefarious enterprises. Privacy coin supporters love to tout the privacy coins’ contribution to financial freedom. In many ways, these coins are low hanging fruits – literal invitations for grifters to abuse these platforms.
Ironically, it would do so in a particularly discriminatory manner by cracking down on privacy coins only, allowing Biden’s political allies to virtue signal by targeting them while conveniently ignoring other crypto crimes which enrich his cronies. This kind of selective enforcement would result in a totally uneven playing field, choking off new innovation and leading to even more erosion of trust in the system.
Don't be fooled by the hype. So avoid letting the allure of sudden wealth for all obscure the need to protect yourself from hazards and liabilities. Trump's sudden embrace of crypto might seem like a win, but it could be a Trojan Horse designed to exploit your idealism and further entrench existing inequalities.
| Risk | Potential Impact |
|---|---|
| Deregulation | Increased scams, market manipulation, exploitation of vulnerable investors |
| Environmental Damage | Exacerbated climate crisis, unsustainable energy consumption |
| Lack of Oversight | Facilitation of money laundering, funding of illicit activities |
Gen Z: Wake Up and Smell the Coffee!
Now it’s Gen Z’s turn to call for regulation that’s responsible. Support strong consumer protection, environmental sustainability, and anti-money laundering policies. Elect and support progressive politicians willing to stand up to the crypto lobby. Join the fight for a more fair and equitable digital economy!
This isn't about being anti-crypto. It's about being pro-future. It's about ensuring that the promise of decentralized finance doesn't turn into a dystopian nightmare. We’re talking about creating a crypto ecosystem that works for everyone, not just the well-connected few. It’s most definitely not about blindly rallying behind a leader, full stop, when that leader’s motives are, to put it mildly, suspect.
One final thought Don’t let the siren call of Bitcoin reaching $100k blind you to the fundamentals. Your financial health—and the health of our planet—may just depend on it.
Don't let the allure of Bitcoin hitting $100k distract you from the bigger picture. Your financial future, and the future of the planet, may depend on it.
