Recently, during an interview with CNN, Andrew Ross Sorkin, the author of ‘Too Big to Fail’, stated that rise of Bitcoin [BTC] is an embodiment of the lack of trust in governments.
The book speaks about the 2008 financial crisis, the events which drove the citizens of the US to elect Donald Trump and the connection between the two.
The author stated that the there has been a clear distrust in the idea of governments, elites and the privileged, who ostensibly understood what was going on. He further said that their failure in protecting everyone one else is what changed everything.
Andrew quotes Bitcoin as one of the examples of the change. There was a whole group of people, out of the blue, around the world which did not trust the Federal Reserve and the central banks. These people were driven towards the digital currency which was not controlled by anybody or anything, claiming to trust the currency more than the people at the top, in control.
The author also believes that there will be something bigger, more cataclysmic event than the recent financial crisis that is going to occur. Moreover, Andrew adds that the phrase, Too big to fail, was previously used in the context of banks and financial institutions. Whereas now, it is used in the context of cities, municipalities, states and countries.
In addition, these factors signify that debt is the match that lights fire to every crisis. He said that the debts load of the country is seen a remarkable increase, even under President Trump, it has increased by a trillion dollars. This, to him, is going to unravel a new crisis.
SpontaneousDream, a Reddit user said:
“…in my opinion he painted it in a more neutral light. It was more like ‘people don’t trust the federal reserve with their money, so they’re resorting to Bitcoin, which isn’t even controlled by anyone!’ He said it in a more ‘can you believe people are doing this?’ shocking/surprise kind of way. Overall though I’d say it’s good for Bitcoin. He didn’t bash it, had his facts straight, and explained why people are going to Bitcoin.”
To which, WorriedHistory said:
“That’s the kind of press that Bitcoin needs. Senseless negativity just harms it for obvious reasons, and baseless claims of it being the savior of the world’s economy just make us all look like tinfoil hat wearing conspiracy theorists. There need to be some balance shown, especially in giving the context that it exists in an incredulous appearance.
The Redditor further added:
“We really do live in strange times when a digital cryptocurrency based on blockchain algos is more valuable than other assets. No one would’ve believed this even 10 years ago.”
Recently, the author of Bitcoin Mastermind, Andreas M Antonopoulos, stated that Bitcoin [BTC] is the innovation which cannot be bought by financial institutions and that it cannot be stopped by the governments.
Moreover, according to him, the first message which was embedded on the Bitcoin blockchain speaks of the failure of the financial institutions. The message speaks about the motivation behind Bitcoin and that a part of the motivation is that the financial institutions have not evolved much and is not serving the people even after existing for 20 years.
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