Everyone is panicking about cryptocurrency.
We’re going to unpack what’s happening for you, by looking at the fallout of a different market crash.
So let’s go back to January 2009.
President Obama had just been inaugurated and the whole world was reeling from the 2008 financial crisis.
And the banks, which caused all this, were only saved by a taxpayer funded government bailout.
That same month, the very first block of bitcoin was released by the pseudonymous Satoshi Nakamoto, with this cryptic message in the code:
The Times January 03 / 2009 / chancellor on brink of second bailout.
A clear sign: cryptocurrency was created, at least in part, as a reaction to the financial crisis and bailouts.
At the time progressives and crypto folks seemed to agree:
Traditional financial institutions created a corrupt system that benefited a small set of wealthy elites and excluded the rest of society.
But they split in how they responded:
Meanwhile: cryptocurrency advocates believe the solution is less government, and less regulation, so they simply built a parallel financial industry.
And they did it all while promising working class investors super charged returns in a fairer, more equitable financial system where anyone could get ahead.
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