Okay, let's be real. Once more the crypto bros are having a conniption fit. This go around, it’s not so much about that random analyst or Mister Wall Street saying Bitcoin’s going to $200,000. My feed is flooded with it. Oh, and that price? It’s increased in the last year by over $29,000, from just under $75,000 to over $104,000. A cool 7.20% in a week, apparently. But before we all go planeshifting our savings, let’s discuss something more important than Lambos. We should be having a conversation about whether this entire enterprise fits with, you know, America’s professed values.
Is Bitcoin Really Sustainable?
Here's the thing that keeps me up at night, and I know I'm not alone. Bitcoin mining is an environmental disaster. Each of those computers, chugging away, solving complex algorithms, all in the name of minting more digital coins? It's obscene. We’re looking at a huge carbon footprint, exacerbating the climate crisis. And truth be told, Gen Z, you’ll be the ones to inherit this world. Are we really going to feed this speculative bubble with real value while the ice caps are melting?
It's a simple equation. Short-term enrichment for a few, long-term disaster for all. And the irony is thick. We occasionally use crypto to liberate ourselves from legacy systems. This allows us to better enrich our communities and build a more equitable financial future. What’s equitable about it, even if it is, if it’s literally setting the planet on fire.
Think about this: the analyst thinks profits from gold investments will flow into Bitcoin. Hold on… so, we’re just replacing one toxic and destructive industry with another? Mining gold is hardly eco-friendly. Telling people this is like saying it’s important to choose between a plastic straw and a plastic bag.
Wealth Creation or Wealth Concentration?
Let's face another hard truth: Bitcoin, and crypto in general, has the potential to worsen economic inequality. Okay, people are getting fabulously wealthy, and you know someone who is one of them. But who are these people? More often than not, they're already wealthy. They have the capital to invest and the risk tolerance to withstand boom-or-bust market swings. They have the experience and technical expertise necessary to tackle the market’s complexities.
What about the rest of us? The ones one paychecks away from being evicted, crushed under the weight of student loan debt and questioning the future? For people like us, putting our small savings into an unpredictable asset such as Bitcoin is a risky bet. When that speculative bet goes bad, the market collapses. In the opinion of Mr. Wall Street, we are now due for a 50-70% correction since the market peak. Then, who bears the brunt of it all? It's not the hedge fund managers. It's us.
Let's not forget the scams. The rug pulls. The pump-and-dumps. The internet is replete with stories of folks who lost everything to crypto scams. Is this the best we can do—a system that takes advantage of those in need and pays off the shady operators?
My concern though? An idea that champions decentralization, while pocketing their wealth in the process. An improvement on a system that claims to empower everybody, yet empowers only the most powerful.
Social Justice Blockchains: Is it Possible?
Alright, so I’m just going to assume you aren’t ready to get up and leave. I'm not a complete crypto-pessimist. I see enormous promise to this if we do it carefully and thoughtfully.
What if we worked on building cryptocurrencies and blockchain applications that tackle social challenges? What if we used blockchain to increase transparency and accountability in supply chains, to combat corruption, to help marginalized communities… Instead of condemning all crypto mining, what if we rewarded the ones that adopt sustainable practices, using 100% renewable energy and reducing their environmental impact?
This isn't some pie-in-the-sky fantasy. There are already projects exploring these possibilities. But they need our support. It’s time we start requiring the crypto industry to produce value for society—not just value extraction.
The analyst believes Bitcoin will climb into the $150,000 range at the top of the bull cycle. After that, it forms an accumulation period where it trades in a channel between $150,000 and $180,000. For whom is this "accumulation period"? Are we just making the rich a little richer, or are we really planning our investments so that we’re creating a better tomorrow for everyone?
We need regulation. Stronger consumer protections. Clear guidelines for crypto companies. We cannot allow the Wild West of crypto to run rampant any longer. It's too dangerous.
In short, the future of crypto is in our hands. It’s time to decide, for all our sakes. This time, rather than chasing the next get-rich-quick scheme, let’s fight for a truly just, equitable and sustainable infrastructure system. We can be passive spectators, or we can assert ourselves as main stage players in creating the future.
So the next time you read those sensational stories claiming Bitcoin is going to $200,000, try to look past the dollar signs. Think about the cost. Think about the environmental impact. Think about the potential for inequality. And then, ask yourself: Is this the future we want to build?
So let’s raise our voices, raise our wallets, and raise our mob power to make them do better. Together we can build a crypto future that serves all of our interests. Let's make some noise. What do you think?
