Now we’re looking at the next potential Bitcoin breakout. $110,000 is the number everyone's whispering. But before we pop the champagne and dream of Lambos, let's ask a crucial question: Who exactly is going to benefit? Is this increase going to help ordinary folks and potentially create genuine opportunity sea change for people? Or will it simply add to the crypto whales’ already-giant cash piles?
Bitcoin's Rise: A Rising Tide?
The narrative is always the same: crypto is democratizing finance. It’s bringing the unbanked into banking, providing a path out of poverty, and creating a new economy that’s more equitably shared. And certainly, there are gut-punch stories that prove just that.
I've seen firsthand projects in Johannesburg, where I'm based, using blockchain to provide microloans to small business owners, giving them access to capital they'd never get from traditional banks. I’ve watched communities develop their own digital currencies. They do this to avoid predatory remittance fees and ensure more of those dollars stay invested in their local economies.
- Microloans: Access to capital for small businesses.
- Remittance: Bypassing fees, keeping money local.
- Digital Currencies: Building community wealth.
Yet, these are the exact stories we should be celebrating and amplifying. Are these the narratives that will be shouted from the rooftops if or when Bitcoin breaks above that $110,000 resistance? Or will the news be filled with stories about hedge funds and tech bros crowing about their new returns?
Don’t misinterpret me, I’m not opposed to individuals or businesses making an adequate profit. And if Bitcoin’s rising tide just lifts the yachts, the dinghies will be the last ones left high and dry. We must scrutinize everything we do and understand the impacts of our work.
Altcoin Season: Trickle-Down Crypto?
So the excitement is starting to roll in – if Bitcoin goes above $110K, altcoin season is dawn. Ethereum, Dogecoin, Litecoin, Cardano… the entire crew would moon. It’s often like depicted that profits made on Bitcoin will dump into altcoins. Bitwise’s influx will cause a massive wave across the crypto market, lifting all of the boats.
Will that tide lift the beaches of these smaller, more socially-impactful projects I’ve referred to above. The outcome will the developers creating decentralized identity solutions in refugee camps benefit from an increase in funding to develop their solutions. Will the smallholder farmers in rural Africa leveraging blockchain to trace their goods gain access to more lucrative markets?
Maybe. But maybe isn't good enough. But we can’t continue to trust that some of that wealth will trickle down. We have to be purposeful about allocating resources to the projects that are truly moving the needle.
Think about it: The S&P 500 is hitting record highs on the back of strong jobs reports. Great, right? Of those jobs, how many are quality jobs, with a living wage that includes benefits? How much of that wealth is controlled by the super rich? The same questions apply to Bitcoin. An increasing price tag doesn’t necessarily mean that boom times are in store for everyone.
Beyond Price: Crypto's Ethical Compass
Here's where things get controversial, and it's something that a lot of crypto enthusiasts might bristle at hearing. It’s time to get out ahead of this thing and begin to consider the ethics of Bitcoin’s success. Is it appropriate for the industry to celebrate billions of dollars worth of gains while millions of Americans still cannot obtain even basic banking services? And is it ethical to promote a technology that will deepen inequalities if we don’t do that work?
This isn’t to say we should demonize Bitcoin or crypto in general. It’s about understanding and accepting that tech is never neutral. It shows the values and priorities of the people who created and use it. It’s up to us to ensure crypto is a force for good in our world. So let’s get to work and bend it in that way!
Think of the diamond industry. For decades consumers invested in diamonds without accounting for the human toll. They looked the other way while miners were exploited and wars were financed. It required intentional advocacy to raise awareness and pressure the industry to adopt ethical sourcing practices. We’re going to demand the same kind of ethical awakening from the crypto space.
- Supporting projects with a social mission: Invest in and promote initiatives that are using blockchain to address real-world problems.
- Advocating for responsible regulation: Push for policies that promote equitable access to crypto and prevent exploitation.
- Demanding transparency and accountability: Hold crypto companies and projects accountable for their social and environmental impact.
- Education and access: Working towards lowering the barriers to entry so that more people can benefit from the technology.
The potential is there. It’s easy to forget that Bitcoin, and the broader crypto ecosystem, have the potential to change lives and build a more equitable world. It won't happen automatically. That takes purposeful intent, deliberative thought, and a resolve to question prevailing practices.
So, as we see Bitcoin approaching that $110,000 price, remember to look beyond the price itself. Let's focus on the people. This current wave of economic growth is long overdue, but let’s ensure that it lifts all boats and not just the yachts. Join us in creating a crypto future that works for all — the way it was meant to. That's a future worth celebrating.
So, as we watch Bitcoin test that $110,000 level, let's not just focus on the price. Let's focus on the people. Let's make sure that this rising tide truly lifts all boats, not just the yachts. Let's build a crypto future where everyone can benefit, not just a select few. That's a future worth celebrating.
