Here's the truth: that $3.3 trillion spending bill everyone's talking about? It's not a magic wand. It's a loaded gun, and we need to ask ourselves who's holding it, and who is it pointed at?

Is This Altseason For Everyone?

They're calling it altseason. A chance to get rich quick. A repeat of 2020, when stimulus cash fueled a massive altcoin bull run. Bitcoin dominance plummeting, altcoin charts singing in unison that it’s time to buy—we have a Federal Reserve that is preparing to pump liquidity. Sounds great, right? Except, who benefits from this? Let's be real: it's not the single mom working two jobs, or the family struggling to make rent. All that money, you ask – it’s the people who already had capital to invest.

Think about it. You have to have disposable dosh to throw away on altcoins. You don’t have the time or expertise to sift through the complicated crypto landscape. You need to be comfortable with risk. How many people in marginalized communities actually possess all three?

This isn't about knocking crypto. Blockchain technology has the potential to be a really powerful force for good. Think of microloans enabled by smart contracts, avoiding the need for intermediary banks while reaching and empowering entrepreneurs in developing countries. Envision a transparent, secure land registry free from corruption that protects vulnerable communities from dispossession. Now picture decentralized identity systems allowing refugees to have complete sovereignty over their data.

That possibility quickly evaporates when we are discussing speculative bubbles created by government largess that primarily benefits the wealthy. The complete myth of “financial freedom” sure sounds disingenuous when the deck is stacked so high. Are we creating a future where everyone benefits and everyone gets to help create that future, or simply consolidating power with those already in power?

The Political Crypto Gamble

This spending bill goes beyond economics. This is about politics. Think about it: a government injecting trillions into the economy right before an election? Convenient, isn't it?

What about the potential for inflation? As laudable as the Fed’s liquidity pivot is to spur the economy, it has the potential to devalue the dollar. This creates a disconnect that naturally causes people to look elsewhere for stores of value, such as cryptocurrencies.

While the wealthy can easily diversify their portfolios with crypto, hedging against inflation, those living paycheck to paycheck are left vulnerable. They’re the ones who will feel the squeeze of increasing prices the hardest, particularly with continuous surges in gas and food prices.

This creates a dangerous feedback loop. The stimulus fuels inflation and punishes the poor the most. This increasing inequality forces many individuals into poor speculative investments in altcoins out of desperation rather than a sincere belief in the technology.

Is this intentional? Probably not. The road to hell, as they say, is paved with good intentions. We must be cognizant of the unintended consequences of these policies. We need policies that create meaningful paths toward real and lasting economic progress for all Americans. Let’s make sure these benefits don’t only accrue to the people at the top.

Blockchain For Good - Or Just More Greed?

The conversation needs to shift. Let’s go deeper than the hype. Now is the time to look across the hype and see the practical, real-world blockchain applications that have the potential to solve pressing social problems.

  • Financial Inclusion: Providing access to financial services for the unbanked and underbanked.
  • Supply Chain Transparency: Ensuring ethical sourcing and fair labor practices.
  • Voting Systems: Creating more secure and transparent elections.
  • Charitable Giving: Improving accountability and reducing fraud in donations.

This is where blockchain can really change the game. These are the things that the public really cares about and are worth investing in.

It does take a revolutionary change in thinking. It’s time we think about blockchain beyond being a speculative play. Let’s not lose sight of its transformative potential for driving social change. It calls on us to hold these wins and our elected officials accountable to policies that promote equity and justice.

Don’t misunderstand me here, I’m not opposed to anyone profiting. However, let’s not kid ourselves. This altseason is no cryptocurrency Robin Hood. It’s no longer even a matter of taxing the wealthiest Americans to provide for everybody else. It’s not only about the rich getting richer, but the poor being left further behind.

So, before you jump on the altcoin bandwagon, ask yourself: Am I contributing to a more equitable future, or am I just fueling the fire of inequality? The answer might surprise you.