Bitcoin Will Bring Power and Equality to Everyone in the Future
The liberating power of Bitcoin is immense.
|Sylvain Saurel||Nov 7|| 4|
The American presidential election has just taken place. As we are on November 7, 2020, it seems that Joe Biden is the one who will become the next President of the United States. Nothing is final yet, however.
The situation is currently very tight and it will all come down to a few hundred thousand votes.
While we cannot yet be certain of the outcome of the ballot, we can already be certain of one thing: whoever is elected president, the current monetary and financial system will remain as it is, i.e., flawed and not fixable.
The injustice of the current system will continue to hit the poorest people
This implies that when we know the name of the next president of the United States, the injustice of the current system will still be the same for hundreds of millions of people in the United States. Obviously, it is the poorest 50% who are the most affected by the injustice of this system.
While the Fed has printed more than 3,500 billion dollars out of thin air since March 2020, these people are bearing the brunt of the 2020 economic crisis. If American billionaires have seen their fortunes increase by $500 billion since March 2020, this is not the case for the majority of American citizens.
Faced with the great monetary inflation we are experiencing, you cannot protect yourself properly if you are forced to keep your money in a bank account.
The only way to beat inflation is to invest. Whether it is in real estate, the stock market, or gold, you must invest. Those who keep their money in a savings account at the bank see their wealth melting away like snow in the sun.
Unfortunately, the poorest people can’t invest in these assets.
The poorest have nothing to protect themselves from the great monetary inflation
Since 1971, monetary inflation has devalued the value of the U.S. dollar by just over 85%. A purchasing power of $1,000 in 1971 is only $150 in 2020. So you have no interest in letting your money sleep in a bank account.
If you can't invest as the poorest people do, you have no other solution than to spend your fiat money on totally useless things. The society in which we live constantly pushes you to do this. The U.S. dollar was designed to be spent.
Therefore you cannot expect equality between individuals with the current system.
Worse yet, the current system allows humans to make arbitrary decisions that go against the interests of millions of people. A banker may decide to block one of your transactions. Yet, you are using money you have hard earned through hard work.
But that doesn't stop banks from doing this. They are private institutions that apply the rules of their choice. Governments turn a blind eye to the unscrupulous practices of the banks.
Racism in the U.S. banking system is a major problem
Governments may decide to confiscate what you own for arbitrary reasons too. So under the current system, you have no real power. The money you have in your bank account does not really belong to you.
Racism is a central problem in the American banking system as well.
A few months ago, I read an article in The New York Times with a headline highlighting this problem of racism in the banking world:
‘Banking While Black’: How Cashing a Check Can Be a Minefield
This article highlights several testimonials from black customers who have experienced discrimination as bank customers.
Jabari Bennett's story is the story of thousands of African Americans every year
The example that caught my attention is that of Jabari Bennett. In March 2019, Jabari Bennett went to his local bank branch to withdraw $6,400 in cash to buy a used Toyota Camry at a dealership in Wilmington.
Jabari Bennett had plenty of cash to make the withdrawal since he had sold his house in Atlanta shortly before to come live with his mother in Wilmington.
A client of Wells Fargo Bank for the past four years, Jabari Bennett had $70,000 in his bank account from the sale of his home.
By going to Wells Fargo’s local branch, Bennett thought getting his money would be a formality. He then thought that it would only take a few minutes to go and get his Toyota Camry.
Just the opposite happened to Jabari Bennett.
He walked out of his local branch of his bank empty-handed, and worse still, totally morally devastated.
First of all, a teller refused to accept him as the bank account holder. He questioned his out-of-state driver’s license. Yet Jabari Bennett had previously informed the bank of his new address two weeks earlier.
A branch manager then came to see Jabari Bennett and told him to leave. Jabari Bennett was incredulous about this incredibly unfair situation and complied.
Nevertheless, he tried to come back to justify himself again in an attempt to close the deal.
Following this third attempt, the branch manager bluntly threatened to call the police if Jabari Bennett did not leave.
Preferring to avoid a tragedy if the police got involved in the case, Jabari Bennett left totally devastated as he explains:
“The experience made me feel like I was nothing.”
— Jabari Bennett
Forced to abandon his plan to buy a car, Jabari Bennett then decided to change banks by transferring all his money to a new bank.
Media coverage of this type of story is essential
He also hired Mr. Rodal, who gained a reputation for representing black clients against banks after one of his client’s 2018 stories went viral.
So Mr. Rodal sent a letter to Wells Fargo, but negotiations stalled. Jabari Bennett then decided to go public in order to move things forward, but also to prevent this kind of humiliation from happening again in the future:
“I don’t want anybody else to go through what I went through.”
— Jabari Bennett
The current banking system is racist towards Black America. No doubt about it. The problem is that no politician is really trying to attack the problem at its root in order to try to solve it.
The banks refuse to admit this problem of racism
Signaling an extremely deep-rooted problem, Ms. Eshet, Wells Fargo spokeswoman, defended the attitude of the employees at the Wells Fargo branch. The latter would be specially trained to spot fraud attempts.
Besides, Wells Fargo strengthened security protocols to thwart Internet scams involving large money transfers.
Ms. Eshet’s statement is ultimately symptomatic of the denial in which many people find themselves:
“In this instance, there were enough markers for our team to conduct extra diligence in order to protect the customer and the bank.”
— Ms. Eshet, Wells Fargo spokeswoman
Rather than admit the obvious, namely the discrimination suffered by Jabari Bennett, Wells Fargo officials are looking for excuses.
Doing so does nothing to improve the grossly unfair problems that thousands of African Americans face with the banking system that is racist.
I have only given you the example of Jabari Bennett here, but I can list dozens of other examples.
The problem has been around for many years, and it’s no coincidence that the #BankingWhileBlack hashtag was created, and then became so popular on social networks.
Bitcoin gives everyone the same opportunities
Since the people at the head of the current system are doing nothing to solve this problem, the solution must come from the people. And this is where Satoshi Nakamoto's unique invention comes in. Revealed to the world on October 31, 2008, Bitcoin has just celebrated twelve years of its white paper.
Bitcoin was created to respond to the problems of the current monetary and financial system. With Bitcoin, we are entering the era of money based on mathematics. Bitcoin abstracts you from the arbitrariness of humans and therefore their natural inclination for corruption.
No difference can be made between Bitcoin users.
De facto, all users have the same rights and opportunities with Bitcoin. Bitcoin therefore has the real power to liberate Black America from the racism of the current banking system. This is something that is all too often overlooked when talking about Bitcoin.
Many limit themselves to talking about the price of Bitcoin without seeing that there is much more behind it. Bitcoin is a true monetary revolution that will have phenomenal impacts on the world of the future.
Best of all, Bitcoin empowers all its users. As long as you have the private keys associated with your Bitcoins in your possession, no one can stop you from using them as you wish. And no one can take them away from you.
Bitcoin has the power to liberate America and the rest of humanity
In an interview for Joe Rogan's podcast, Kanye West was particularly clear-sighted about his vision of Bitcoin and Bitcoiners:
“And these are guys that really have a perspective on what the true liberation of America and humanity will be.”
— Kanye West
If Kanye West can say some pretty amazing things at times, his vision of Bitcoin is very perceptive. In the future, Bitcoin will bring power and equality to as many people as possible. The liberating power of Bitcoin is immense, and the years ahead promise to be exciting.
Block after block, we will see Bitcoin grow in importance and its impact on society will be greater and greater. The future looks bright for all those who have chosen Bitcoin.
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