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Do you agree that a continuous rise in the price of bitcoin and other crypto will create a dysfunctional society? I’m not an economic expert but I strongly disagree.

I read the article below

https://decrypt.co/59720/economists-stark-warning-about-bitcoin

Where an economist argued that continued appreciation of cryptocurrency will further deepens the ridge between the rich and the poor in the society. I largely disagree with him, even though I am far from being an expert. Crypto has largely empowered me and many other Nigerians who are classified as living below the poverty line according to world’s index. I got into crypto since 2017 and it has done for me what the government of country will never dream to do. Its a shame that many of the so called exo9do not see crypto beyond just buying and selling. I’m a freelance writer who gets most of his income in crypto. Something that could have been almost impossible without crypto.



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7 Comments

  1. If a dysfunctional society means that the government will not be able to print money in order to enrich themselves at the expense of the working class, then yes lol.

    Crypto has created more wealth for the average layman in 13 years, than 90 years of using fiat based monetary policy.

  2. “And anyone who invested a trivial amount of money a decade ago and HODLed their coins is now immensely wealthy. This week, someone moved ancient Bitcoins worth about $5 million today. Those Bitcoin were worth less than a dollar when they were mined in July 2010.” They saw an opportunity in Bitcoin and the technology and took it. There’s nothing the rest of us can do if we knew and didn’t believe it. If they hold this long, they deserve this. The rest of the point is BS as if the society isn’t already controlled by billionaires and tycoons on the rest of the society. Stop writing personal opinions without having good and long support for the readers.

  3. Yes, but for different reasons. The higher the price of crypto, the more electricity it takes to mine. Right now, it is equal to the annual consumtion of Argentina. In a few years, it will consume so much electricity that prices will rise so more and more people cannot afford electricity. This will separate the classes even more.

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