Why countries will need to adopt Bitcoin
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Alex Gladstein joins the “Bitcoin Magazine Podcast” to discuss his new book, “Check Your Financial Privilege,” and how Bitcoin opens the door to human rights around the world. Speaking of Bitcoin detractors, Gladstein says, “Most of the critics I’ve ever debated…they just live in this bubble of financial privilege and they can’t understand that Bitcoin could be useful to anyone. other.” His argument being that people living in America cannot fully grasp the financial repression that is happening in other parts of the world.
Gladstein goes on to say, “The average person in this world has money problems and not just not enough, but also that it’s not working out very well.” Those of us who live in America are fortunate that our currency works quite well and has global demand, as it is currently the reserve currency of the world.
According to Gladstein, Bitcoin levels the playing field. “The fun part for me is that Bitcoin just erases financial privilege. It simply eliminates it at the base. This does not mean that everyone will be equal. No, it is not a redistribution technology. It is not some kind of Marxist creation. It is a technology that secures property rights and actually strengthens capitalism, free markets and open trade. Bitcoin having the same rules for everyone is what makes it powerful.
Discussing the implications of Russia settling oil contracts in bitcoin, Gladstein says, “I think if they start accepting bitcoin for oil or something. It has a trickle-down effect, a network effect on all the people who work for the oil company who now know about it, and all of a sudden all the people who are relatives of the people who work at the oil company, who read about it on the news. If Putin is proud of this potential move, then the propaganda will spread in the news and the result will be tons of Russians buying bitcoin.