Ripple CEO Brad Garlinghouse on Bitcoin going to $200,000… “That’s not unreasonable.” Okay, maybe he's right. Institutional interest is certainly on the rise, and even the US appears to be starting to warm to crypto. But hold your horses on popping the champagne. While the crypto elite might be popping bottles, a Bitcoin boom like that could leave the rest of us struggling to afford a decent bottle of water. It’s time to discuss the hidden costs and unintended consequences of our new, digital gold rush.

Crypto's Skewed Wealth Distribution

Let's be real: who owns the most Bitcoin right now? It ain’t your typical Joe who’s having a hard time making rent. Venture capitalists, hedge fund managers, and tech bros now control an insane number of dollars. The reason is simple—they have more wealth than they know what to do with. If Bitcoin goes to $200k, they are the ones who will profit the most. Their yachts become larger, their mansions more ostentatious.

Meanwhile, the working class sees the price of everything else go up, fueled in part by the same speculative frenzy driving Bitcoin. We all know inflation is already taking a significant toll on families. An unanticipated, crippling surge in speculative crypto wealth for a very lucky few will do just that. Think about it: increased institutional investment, as Garlinghouse points out, often benefits those institutions far more than the general public. It’s not about democratizing finance—it’s about giving Wall Street a new playground.

Environmental Costs Hurt the Vulnerable

Bitcoin mining is an energy hog. We all know it. But have you thought about who pays the price for environmental destruction? It’s often those same marginalized communities that live downwind of power plants and in proximity to the mines that feed them. They are the ones who suffer the most from poisoned air and water, rising health issues, and the displacement due to the extraction of natural resources.

Sure, Garlinghouse can tout the potential of XRP ETFs and Ripple's stablecoin, RLUSD (now exceeding $250 million!), but how much of that wealth is going to clean up the mess left behind by Bitcoin's insatiable energy appetite? Zero, probably. But the environmental burden has fallen most heavily on those who are least able to bear it, exacerbating the inequality gap even further. This is not only the fault of climate change, but environmental justice.

Regulatory Capture Reinforces Elites

Garlinghouse celebrates a “shift” in US regulation to be more crypto-friendly, even name-dropping figures like David Sacks and Paul Atkins. Who is shaping these regulations? Will they stand up for working people over the crypto lobby?

We need to be careful about regulations designed to benefit companies such as Ripple, Circle, and Tether. Garlinghouse hopes to see such an impact with the forthcoming stablecoin legislation. Regulation, of course, can be a good thing, but it must not serve as a device for entrenching the power of current crypto titans. Consider Ripple’s recent $50 million settlement with the SEC over their library of crypto tokens. To them, that’s pocket change. This truth is another example of how the rich and connected are still able to operate in an alternate universe of rules. The same shift that Garlinghouse identifies as a “tail wind” for their business can easily become a headwind when it comes to social equality.

Now, we’re even more excited by the fact that Teucrium just launched a 2x Long Daily XRP ETF. But who is that really for?

We can’t leave the fossil fuels in the ground and allow the wealthy to continue getting richer while we destroy the planet. We need to demand action. Here are a few concrete steps we can take:

Whether it is good or bad that Bitcoin will eventually hit $200,000 doesn’t matter. Rather, it’s a tool, and like any tool it can be used for good or ill. How can we make sure this isn’t just a blessing to be used as another weapon in the inequality arsenal? We can’t afford to have the crypto boom turn into a crypto bust for social justice.

  • Support policies that redistribute wealth. Tax the wealthy, invest in social programs, and create a more equitable economic system.
  • Advocate for regulations that ensure crypto benefits all of society. This means holding crypto companies accountable for their environmental impact and preventing them from exploiting vulnerable populations.
  • Demand transparency and accountability in the crypto industry. We need to know who is benefiting from the crypto boom and how their wealth is being generated.
  • Support community-led initiatives that address the negative impacts of crypto. Invest in projects that promote environmental sustainability and social justice.

The potential rise of Bitcoin to $200,000 isn't inherently good or bad. It's a tool, and like any tool, it can be used for good or ill. It's up to us to ensure that it doesn't become another weapon in the arsenal of inequality. Let's not let the crypto boom become a bust for social justice.