The following is a guest post by Kadan Stadelmann, CTO of Komodo Blockchain.
The United States has experienced tremendous consolidation of wealth and power in recent years. While the modern robber barons gain weight in the 21st century due to the Gilded Age or Roaring Twenties, all Americans are suffering.
But unlike the Gilded Age and the 1920s, the 2020s offer a reprieve. Bitcoin serves as a timely solution for individuals and families to enjoy the American dream.
Americans Living in a Quiet Depression
In the United States, millions of people life I fell into a “quiet depression.” For example, 35% of the U.S. population no longer does. make enough money Pay for basic needs. part put This number is close to 50% of all households.
Moreover, credit card debt in the United States is hit set a new record with Credit card interest rates are skyrocketing.. Credit card debt for the first time in history exceeded 1 trillion dollars. And people payment Interest accrues on average around 28%.
The situation is even worse for black and Hispanic families, more than 50% of whom be able to afford basic. And more than two-thirds of full-time, low-income workers with children do not make enough money to make ends meet. And extreme financial hardship puts stress on parents’ health, increasing the likelihood that their children’s needs will not be met.
Land owned by Kleptocracy
Meanwhile, house prices double, triple Interest rates have risen significantly over the past decade. First-time homebuyers are squeezed, trapped by high rents and unable to build equity in the form of a home. Meanwhile, 80% of leased farmland does not. possession Investors, not farmers, take over.
The American land base is owned by kleptocratic corporations who use their control to rob the public of their wealth. If Americans can’t own assets in the form of a home, they can’t get liquidity from a second mortgage to start a business. And when that happens, the American dream is dead.
The robber barons exercised undue influence as shareholders.
BlackRock, State Street, and Vanguard have all played meaningful roles in consolidating enormous wealth in the United States. They became the so-called ‘Big 3’. largest shareholder 88% of S&P 500 companies exercise “hidden power” through private engagement with management and potentially other means.
How to undo damage?
America was once the land of jeans, cars, and transistor radios. Because the Founders advocated a minimal level of government and the power of millions of individuals to participate freely in social and economic life. Simply put, they believed in decentralization.
Unfortunately, that vision did not last forever, and we see the consequences of that failure around us today. Not only on the streets of America at home, but also abroad due to our policy of perpetual war. The United States is moving toward a feudal model in which the Big Three purchase all the land they can own, rather than the decentralized model proposed by the founders.
Bitcoin provides a hedge against the consolidation of these superpowers and allows ordinary people to build wealth not through their homes, but through the world’s only finite asset. Bitcoin preserves financial freedom, as evidenced by truck driver protests in Ottawa, Canada. In this protest, the organizers’ bank accounts were closed at government demand without due process.
Bitcoin poses a threat to central banks and offers hope to people. This is a lighthouse that symbolizes human freedom and individual freedom. This is a logical competition for central bank digital currencies (CBDCs). Rather than pushing for a fiat central bank digital currency (CBDC), the United States should support the U.S. dollar with a basket of assets, including Bitcoin (possibly gold, silver, and platinum).
For this reason, Bitcoin is under attack. Regulators are looking for ways to neutralize the technology, which has long turned mining complexes into environmental boogeymen.
Passing Bitcoin-friendly policies in a divided house will not be easy.
What should I do? First of all, Bitcoin users around the world must organize politically and attend local, state, and national conferences to protect people’s trading rights in a more integrated world. Moreover, it requires everyone to work together. No matter how much or how little you can save, it will take the entire Bitcoin community to stop the modern-day robber barons.