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Beware Of The Crypto-Friendly Trap

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Written by   224
3 weeks ago

Smokescreens & Motives

So many institutions, entities, and even governments have recently become rather open to the idea of Crypto. Not only is there an increased openness, but in many cases, also an invitation. This also applies to Elon’s recent acquisition of Twitter. I think we are all expecting Doge to be utilized in one way or another on the platform. What’s important to note is that Elon Musk is a businessman, as are the leaders of many other entities that are now suddenly beginning to smile on Crypto.

If you think that Elon’s ambition is centered around your freedom of speech, you might be somewhat naive. It’s a great selling point, isn’t it? I am not saying that Elon is not concerned about freedom of speech, but rather that his ambitions extend way beyond what many have considered. This does not necessarily have to be negative. It also doesn’t have to be positive. However, it should be a consideration. A good businessman sees a need and then meets it. This can also apply to seeing a violation and then correcting it.

Responding to either will ultimately win the approval of the people and subsequently “make money”. That’s how business works: Find a need that nobody else is meeting and then proceed to meet it with excellence. This is straight out of the successful businessman’s playbook. In Musk’s case, this is very much his approach. Just look at Tesla! Manufacturing electric vehicles prior to anyone else of significance. The same approach was also foundational in Amazon’s success.

Back To The Matter At Hand

What I am trying to say is that many will now utilize Crypto as a tool of enrichment. There will be those with understandable ambitions and others with extremely selfish and greedy ambitions. I am not associating any person or entity with any particular camp, but rather stating that one has to consider and question motives and agendas.

A perfect example is Portugal, which quickly became known as a Crypto tax haven. Once the country had been flooded with Cryptoneurs, the tax laws were adjusted. Now, this could have been coincidental, or by design, I cannot definitively say. However, the outcome is the same. Regardless of the motive, if you moved to Portugal solely to enhance your income, your move was in vain.

Once regulation gains more clarity, everyone will be looking to leverage it to their advantage. This will ultimately attract bad actors, as well as the greedy, which will eventually lead to the “baiting” of the public. Being Crypto-friendly is currently viewed as forward-thinking, revolutionary, and “bold”. However, not all intentions are what they appear to be. At the moment, it’s very easy to win “blind allegiance” through a Crypto-friendly stance.

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A Call To Vigilance

One has to carefully discern motives and agendas, especially now! Being overly eager without considering alternative motives could later prove to be a bad move. Dealing with money and investments always requires diligence and vigilance. This is especially true of the Crypto world.

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Disclaimer

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This article was first published on Sapphire Crypto.

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Written by   224
3 weeks ago
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