In the eyes of most Western elites, investors, journalists and academics, Bitcoin rates anywhere from an annoyance to a disaster.
Just a few days ago, American billionaire Charlie Munger described Bitcoin as “disgusting and contrary to the interests of civilization.” Warren Buffett, once the world’s richest person, sat next to Munger in obvious agreement. He has said Bitcoin is “a delusion” and “rat poison squared,” and has warned that he is sorry about its rise “because people get their hopes up that something like that is gonna change their lives.” Bill Gates, who also used to be the world’s richest person, has said Bitcoin is a “greater fool theory” investment, and that he would short it, if he could.
HBO host Bill Maher skewered Bitcoin in an extended segment on his show, saying that the new currency’s promoters are “money-hungry opportunists.” A few weeks earlier, The New York Times ran a story that said Bitcoin will “ruin the planet.” Financial Times columnist Martin Wolf has long pegged it as “ideal for criminals, terrorists, and money launderers.”
Prominent Ivy League economist Jeffrey Sachs has said that Bitcoin offers “nothing of social value,” while former International Monetary Fund (IMF) chief and European Central Bank President Christine Lagarde has called it a tool for “totally reprehensible money laundering activity.”
Over the past decade, these financial experts, reporters and policymakers have continuously pounded the narrative that Bitcoin is risky, dangerous, bad for humans and bad for the planet.
They are wrong, and they are blinded mainly by their financial privilege.How Financial Privilege Blinds Dollar Users To Bitcoin’s Importance
The critics cited above are all wealthy citizens of advanced economies, where they benefit from liberal democracy, property rights, free speech, a functioning legal system and relatively stable reserve currencies like the dollar or pound.
In reality, only 13%...