YouTube crypto analyst Benjamin Cowen has made an ominous prediction. He’s expecting a major Bitcoin correction that will see prices fall to the mid-$90,000s. This, combined with an extremely brutal altcoin capitulation, has understandably spooked many crypto investors. The first response is indeed one of instinctual terror and crisis mode. I really do think that this potential recession offers us a fantastic moment of opportunity. A moment to reassess, reconstruct, and eventually foster a more inclusive and fair crypto landscape.

The crypto space embodies so much potential for decentralization and financial freedom. It too is subject to the same inequities that plague the traditional financial system. In reality, in many respects, it just makes them worse. We've seen it all: wealth concentrated in the hands of a few early adopters and whales, rampant scams and rug pulls preying on vulnerable investors, and a lack of regulatory oversight that leaves ordinary people exposed to immense risk. The recent surges and crashes of meme coins serve as a real-time example for the rapid pace in which narratives can change. At the end of the day, this manipulation is deeply damaging to everyday investors.

A Correction is a Cleansing Opportunity

Isn’t it ironic that a technology created to empower the individual can so easily be turned to such use? While this likely market correction will be difficult and even painful, it presents us with an opportunity to focus on and correct these systemic issues. Cowen's call to "rip the band-aid off" for ALT/BTC pairs might sound harsh, but it could be the necessary shock to the system that forces us to re-evaluate what we're building and why.

Think about it. A major correction would clear out a lot of the speculative startups and “get-rich-quick” scams. This would go a long way toward dampening the crazy Wild West vibes currently permeating the crypto sphere. This circumstance has the potential to spur a much-needed, comprehensive assessment of the environmental impact associated with certain cryptocurrencies. Ultimately, that could push the industry to more sustainable alternatives.

Building a Bridge to Social Justice

So how do we make sure that the next wave of crypto is fairer? It begins with the understanding that technology is not neutral, ever. It should be our window into how it reflects the values and priorities of its creators. If we want a truly decentralized and inclusive financial system, we need to actively design it with those goals in mind.

There are projects like these already making progress on all of these fronts. For example, initiatives focused on using blockchain to empower farmers in developing countries by providing them with direct access to markets and fair prices. Numerous these initiatives use blockchain to develop more transparent and accountable supply chains. They protect workers to make sure they’re paid fairly and treated with respect and dignity, and that products come from ethical supply chains.

  • Prioritize Decentralized Governance: Move away from centralized projects controlled by a small group of developers and towards community-led initiatives where decisions are made collectively.
  • Support Social Impact Projects: Invest in blockchain solutions that address real-world problems, such as:
    • Financial inclusion for the unbanked
    • Supply chain transparency to combat exploitation
    • Secure land rights for marginalized communities
  • Advocate for Responsible Regulation: Push for clear and sensible regulations that protect investors without stifling innovation. This includes measures to combat fraud, prevent market manipulation, and ensure transparency.
  • Educate and Empower: Provide accessible education and resources to help people understand the risks and opportunities of crypto, especially those in underserved communities.

Imagine if we took the opposite approach. If we create tools designed to empower people, uplift social justice priorities, and foster a more equitable and sustainable future, maybe we don’t need the next moonshot. Imagine a future where blockchain technology unlocks the potential of female entrepreneurs in low-income countries through micro-loans. Imagine it doing all that while giving refugees verifiable digital identities and following the environmental impact of consumer products.

Time to Reimagine Crypto's Purpose

Cowen’s prediction, though alarming, should not be seen as a crypto death knell. Rather than continuing to browbeat Congress, let’s take it as an opportunity to soak our heads. Here’s your chance to help redefine the aims of this new technology. Together, we can build a new crypto future that is equitable and inclusive of all—far beyond the privileged few.

So, what can you do? Start by doing your research. Support projects that align with your values. Advocate for responsible regulation. And last but certainly not least, note that the future of crypto is not set in stone. It's up to us to shape it. Together, let’s ensure we leave behind a legacy that we can all take pride in.

So, what can you do? Start by doing your research. Support projects that align with your values. Advocate for responsible regulation. And most importantly, remember that the future of crypto is not predetermined. It's up to us to shape it. Let's make sure we build something we can all be proud of.