Let's be real: the traditional financial system feels rigged. We’ve witnessed $29 trillion in bailouts for the banks who made this mess, as student loan debt continues to crush our generation. We’re passing down a planet that is literally on fire, and an economy based on exploitation and inequality. So when I see or hear predictions that Bitcoin will go to $200,000 someday, I don’t automatically dismiss it as a speculative bubble. Yet I see a massive opportunity for disruption – a rare opportunity to rewrite the rules of the game.
Wealth Redistribution Or Just Hype?
Is Bitcoin really the ultimate get-rich-quick scheme and front for a multi-national money laundering operation…or an economic empowerment superhighway? Honestly, it's probably a bit of both. The headlines holler boasting promises of untold wealth, and indeed many of the crypto scene’s earliest adopters have raked in piles of cash. But the true potential is in its democratizing power of finance.
Think about it: traditional investment options are often inaccessible to many. High minimums, complicated and intimidating paperwork, and the feeling that the “game” just isn’t meant for people without deep pockets. Bitcoin, in contrast, allows you to own a fraction of a bitcoin. You can purchase a very small piece of a Bitcoin, which makes it available even with low capital investment. As a result, apps now provide an incredible level of convenience when buying, selling and storing your crypto. This wide reach is important, particularly for marginalized communities that have long been cut out of conventional wealth-building avenues.
Add on top of that the reality that so many of us don’t trust institutions. The 2008 financial crisis has left a deep scar. We felt the impact of Wall Street’s greed and recklessness in our communities. That’s why we are unwilling to put our financial futures in the hands of the same system. Bitcoin, with its decentralized, open-by-design nature, provides an alternative. No clearinghouse dictating the flow, no blackbox algorithmic investment decision making. It's a system built on transparency (even if it's pseudonymous) and community.
Digital Gold, Green Dreams?
Okay, let's address the elephant in the room: Bitcoin's environmental impact. Yes, mining Bitcoin is energy intensive, and that’s a problem worth discussing. Here's the thing: progress isn't about rejecting technology altogether; it's about finding sustainable solutions.
The encouraging thing is that the field is changing. Renewable energy-powered mining operations are on the rise, and there is an increasing demand for energy-efficient blockchain technologies. It’s time we all got behind these efforts and called on the industry to put sustainability front and center. We might not be able to save ourselves from economic inequality while simultaneously destroying the only home we have.
Furthermore, consider this: the traditional financial system has a significant environmental footprint. Giant bank headquarters buildings use a tremendous amount of energy. They produce tons of paperwork, adding to the environmental harm connected to the industries they fund. The bottom line is, no matter what system you choose, there’s a cost. The point wasn’t to just increase those costs, but rather to drive down those costs and seek more sustainable alternatives.
Justice Blockchained?
Can Bitcoin support social justice movements? A really nuanced question, one that I will address in a future post. My short answer is yes, but only conditionally. Now picture a world where donations to front line activist groups and political movements can no longer be tracked, censored or frozen at will by governments. Where people can avoid the financial system, which is often home to institutions that support or are complicit in anti-democratic action. Where communities are free to construct their own parallel economies, separate from and not reliant on the traditional economy.
This isn't just a pipe dream. We’ve already witnessed instances of Bitcoin being used to empower these dissidents and activists across the globe. It is a tool that can be used to empower individuals and communities to regain their financial destinies.
Naturally, Bitcoin is not a panacea. It won't solve all our problems overnight. There are clear risks, such as volatility, scams and the heightened opportunity for criminal activity. If we approach it with open minds, a commitment to sustainability, and a focus on economic justice, Bitcoin could be a force for positive change.
So, the next time you hear about Bitcoin someday going to $200,000, don’t get sucked in by visions of where your easy money could go. Image courtesy of Yvonne G. Let’s get inspired and imagine the possibilities to re-create a more just and equitable future. That's something worth investing in. It’s now up to Gen Z to educate themselves, engage themselves, and forge the future of finance to their liking. Let’s call for responsible regulation, sustainable production practices, and a commitment to using this technology for the right purposes. Because if we don't, someone else will and they might not have our best interests at heart and let's not let the boomers profit again.
