{"id":8422,"date":"2025-01-18T18:17:01","date_gmt":"2025-01-18T18:17:01","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=8422"},"modified":"2025-01-18T18:17:01","modified_gmt":"2025-01-18T18:17:01","slug":"what-are-bitcoins-critics-really-afraid-of","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=8422","title":{"rendered":"What Are Bitcoin\u2019s Critics Really Afraid of?"},"content":{"rendered":"
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A recent opinion piece in The Nation by TIME Business reporter Sam Gustin tells readers to \u201cBe Afraid.\u201d He\u2019s warning them about cryptocurrency and Donald Trump.<\/p>\n

In it, the author quotes<\/a> Nobel Prize-winning economist and Columbia University professor Joseph Stiglitz, saying: \u201cThere\u2019s an enormous risk of self-dealing here.\u201d<\/p>\n

Economist\u2019s Warning About Trump, Cryptocurrency<\/h2>\n

\u201cThe danger is not only conflicts of interest, but a mindset among Trump and his cronies in which they don\u2019t even understand the concept of conflicts of interest,\u201d Stiglitz said.<\/p>\n

\n

\u201cThe irony is that here you have a president who was elected on an allegedly \u2018populist\u2019 platform engaging in the most massive pro-billionaire, pro-wealth redistribution in US history.\u201d<\/p>\n<\/blockquote>\n

\u201cThe result, experts say, will be higher prices, reduced consumer protections, and deeper economic inequality in the United States,\u201d Gustin writes.<\/p>\n

But is that really true?<\/p>\n

Is it true that cryptocurrency is transferring the most massive sum of wealth in history from the middle class to billionaires?<\/p>\n

Bitcoin\u2019s Populist Appeal<\/h2>\n

If anything, crypto\u2019s most die-hard advocates would argue that the traditional finance system, based on credit, redistributes the most to billionaires. Because it constantly revalues debt with cheaper dollars. Billionaires and their companies use the most debt-based instruments.<\/p>\n

Meanwhile, the ever-expanding money system causes prices to rise steadily. Crypto assets, on the other hand, cause lower prices by rewarding people for saving their money. The easy credit economy does reward businesses with large expense accounts to spend their money.<\/p>\n

Moreover, the Republican Party\u2019s reckoning with<\/a> crypto is helping to ensure consumer protections for those who want them. But that doesn\u2019t leave out allowing more freedom for others.<\/p>\n

Many blockchain users are willing to take the risks that go along with pushing liquid financial markets and the Internet\u2019s capability to their limits.<\/p>\n

As for economic inequality, it has been a complaint of voters for decades under traditional finance systems. Their benefits only seem to kick in at a certain economy of scale unreachable by most people.<\/p>\n

But that\u2019s not so with cryptocurrencies like Bitcoin and Ethereum, which have made the profits of market capitalism available to all participants equally at any level of participation.<\/p>\n

Bitcoin\u2019s price<\/a> was only $43,000 a year ago. But today, it\u2019s more than twice that amount, trading at $103,000 on Saturday. That represents a gain of over 130% returns on investment for crypto buyers who purchased Bitcoin last January.<\/p>\n

The post What Are Bitcoin\u2019s Critics Really Afraid of?<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A recent opinion piece in The Nation by TIME Business reporter Sam Gustin tells readers to \u201cBe Afraid.\u201d He\u2019s warning them about cryptocurrency and Donald Trump. In it, the author quotes Nobel Prize-winning economist and Columbia University professor Joseph Stiglitz, saying: \u201cThere\u2019s an enormous risk of self-dealing here.\u201d Economist\u2019s Warning About Trump, Cryptocurrency \u201cThe danger […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-8422","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/8422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8422"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/8422\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}