The Elephant in the Room is Trumpeting

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1 year ago

85 years ago, in 1937, in my country- a tiny island on the southern end of the Caribbean sea- there was a rebel who spoke out against an economic system and system of governance which he argued benefited a privileged few at the expense of many. And, as is often the case when one protests too loudly against the status quo, this man found common ground with the rank and file members of our population, but he was vilified by the mainstream media functioning as an instrument of propaganda controlled by those who occupied seats of power.

A struggle ensued. There were riots. The riots spread. The man was arrested and imprisoned and many died, yet the struggle continued, and after several bitter months, the administration was forced, at least at face value, to concede defeat. This struggle, my friends, known as the labour riots of the 1930s, was the precursor to our country gaining independence, purportedly leading to a state where control was vested in the hands of the public.

Yet, we learn, laws enacted on paper, promises made with the stroke of a pen, do not change a culture alone. And so, while the common man was told that he was recognized and that he would have the rights he fought so valiantly for, he was ill equipped for the game of political and financial chess which continued in the decades that followed, essentially ensuring that the concentration of wealth remained as it was 100, 200 years ago, entrenched in the hands of a few- while the names and faces of a token lot were held up to the general population as an example of possibility while skirting conversations about privilege, anthe same old fairytale that's been spun a million ways, was retold about working hard and keeping one's head down on the path to success in a space where opportunity was easily accessible to all.

Now, mind you, to quote a local saying, I do not propose to stand on the bridge and talk the river bad. That is to say, I am not proposing to benefit from the advantages I enjoy as a citizen of my country while complaining about it. However, at the same time, I reserve the right to call a spade a spade when I see it, and I do hold the belief that idea of political and economic manipulation is neither exaggerated, trumped up, nor is it even unique, for I believe that many in the developing world can draw similar examples from their respective countries' histories.

And so, here's where the elephant enters the room and tramples everything. While we've danced to the same tune for so many years, so much so that many of us know the steps in our sleep, a few years ago, a group of innovative developers with some pieces of code succeeded in rocking the very foundations of the economic system as we know it.

These developers proposed different conversations about wealth distribution and opportunity and access. And that is how the current global financial power struggle began, not surprisingly with the same response from those who hold the reigns of power in their attempt to suppress that which threatens to topple them.

I need not call to mind here the myriad concerns echoed by those who enjoy the benefits of the current system with little regard for those who don't, i.e, the unbanked, underbanked, or those whose access is limited by the restrictive banking practices. There is a concerted move to fear monger through typical instruments of propaganda with reports about cryptocurrency as the currency of criminals, crypto's climate impact, Ponzi schemes and rug pulling events etc., amplified disproportionately, I would argue, in comparison to conversations about the myriad opportunities that exist in the space.

I posit, my friends, that as much as we may not like to admit this, a conversation about cryptocurrency is often a political conversation. And as we have seen the world over, those who hold the reins of power rarely care to share them much less cede them. Yet, in the face of rising inflation, crime, poverty, etc., warnings of disaster in the future if things change, if we embrace cryptocurrency, is beginning to have an empty echo. Question is then- disaster for who. Because with things remaining as they are, things seem pretty disastrous already.

Now, I do not propose to dismiss the vulnerabilities that exist in the cryptocurrency market. There are bad actors in the space, manipulations, pump and dump machinations, etc., which have contributed to volatility in this emerging class, and some people have suffered significant losses that should not be swept under the carpet.

Notwithstanding, while there are high risks in this emerging asset class, I believe that with time, stability will improve, and the numbers who hold strong, navigating past the machinations of bad actors with a vested interest in seeing this system fail, will increase and a trickle will become a flood. Those who resist cryptocurrency today will have no choice but to accept it then, grudgingly though they might. The time is coming when the cryptocurrency tide will come in, my friends, and when it does, you want to have your surfboards ready.

Those are my thoughts on the crypto industry, my friends, and this is why I love this space. Of course, this simply my personal point of view, and since I am not equipped to give financial advice, please do your own research.


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