Weekly Rundown: Bitcoin, a silent protest
“Bitcoin is backed by a demand for financial freedom, for an asset outside the control of governments, and one that cannot be confiscated easily.”
Welcome to this week’s edition of the Weekly Rundown. Today, I want to shine a spotlight on a movement shaping the very foundation we stand on.
America is undergoing a historic transition. The #BlackLivesMatter movement has prompted protests in 145+ cities around the world. Young and old of all races, genders and nationalities have hit the streets over the last two weeks to raise their voices together against injustice, police brutality and systemic discrimination.
As peaceful protests deteriorated into riots, it became clear that people were not just upset about racism, they were fed up with the abuse of authority that has pervaded modern society. Mandatory lockdowns, lack of adequate or accessible healthcare, a financial system that has shelled out billions of dollars in commercial bailouts, the growing wealth divide - all of these recently prevalent issues were just the tip of the iceberg.
One anti-authoritarian community stood up in solidarity and tweeted: “Bitcoin is a peaceful protest.”
Since the creation of Bitcoin 11 years ago, a growing number of people have been choosing to opt-out of the traditional financial system - the central source of power for our governments. They are turning to a new monetary system: one that is not controlled by any single authority, but is rather decentralized and run by a network of computers. As a child born in the Soviet Union, having witnessed the fall of a government, hyperinflation and a run on the banks, all before the age of ten, Bitcoin also piqued my interest.
Bitcoin was born as a movement by the people for the people. And so, I wanted to give the community supporting this movement an opportunity to be heard - sourcing the key ideas in this article through Twitter.
“Bitcoin is backed by a demand for financial freedom, for an asset outside the control of governments, and one that cannot be confiscated easily.”
This Week By The Numbers
This week we saw some long-awaited corrections in the market, with the Dow dropping 1800 points on Thursday in its worst day since March. Much of the bear sentiment was driven by the Fed Chairman Jerome Powell’s comments. Spoiler: We can expect rates to stay at 0% through 2022 and are a long way until a recovery.
Top Stories of the Week
I’m skipping the news section this week. It’s all kind of depressing and predictable. TL:DR: Protests are getting worse, violence is getting worse, COVID is getting worse, stock market makes zero sense. Let’s use the rest of our Sunday to reflect how we can show up better to the world next week instead :)
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Disclaimer: This email does not contain financial advice and was created solely for informational purposes.