The rich get richer, the poor get Bitcoin

Can Bitcoin solve wealth inequality?

Bitcoin is a buzzword and some argue it’s a scam. But with Elon Musk’s Tesla recently investing $1.5 billion into the cryptocurrency and with the Mayor of Miami considering giving city employees the opportunity to get their salaries paid in bitcoin, the cryptocurrency could be about to radically alter our monetary system. One of the unexpected, underappreciated consequences of this move to Bitcoin could be a closing of the wealth gap, writes Bradley Rettler.

 

 

Introduction

Global wealth inequality is increasing. Meanwhile government-backed currencies, where most of the poor save their money, are devaluing each year. Poor people lack access to banking, and they can’t get credit. This is at its most extreme in economies in crisis, but is true all over the world. Using Bitcoin can mitigate these problems and level the playing field for the world’s poor as we work toward economic justice.

 

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Jennifer Dehner 22 February 2022

In the poor world, there are several instances of technology based on fiat currencies that are tackling this issue.

Joseph K 5 July 2021

So can you go to a Bitcoin machine and take out Bitcoin bills if $5 , $20 and $100 and then go to no frills in Canada a grocery store and pay for my groceries with them? Will Walmart take my Bitcoin bills? Or are they coins that all look the same only 100 dollar denomination? Will my gas station accept them as payment for my gas in brampton Ontario Canada? I haven’t seen any in circulation n my bus or at Walmart or convenience store or Canadian tire or FreshCo or Loblaws or Food basics or Canadian superstore? I’m really confused? Will my landlord take 1500 Bitcoin coins for my monthly rent every month? Can I buy a car in a showroom with a bag of bitcoins? I’m confused

erditreb lazzar 6 May 2021

The popularity of cryptocurrencies in general is still a mystery to me. As a matter of fact, this is not money. This is a set of numbers. And no one guarantees you the safety of your money, etc. This is something virtual

Steve Wigney 13 March 2021

An incredibly superficial argument featuring numerous unsubstantiated claims, resting mostly on the tenuous claim that Bitcoin is “inclusive” because the barriers to investment and saving are lower. There are many examples of technologies based on fiat currencies in the developing world that are addressing this. I guess the hint was that the article lead with the boogie man, Venezuela, whose current economic woes have direct causes closer to the author’s home institution.