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Cryptocurrency – not all it's cracked up to be
Far from being a revolutionary force levelling the financial playing field, cryptocurrency markets are rigged in favour of wealth accumulation by the wealthy, argues MYLES TRAPPERBY
[Andre Francois McKenzie / Creative Commons]
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DESPITE what those with libertarian tendencies may tell you about how cryptocurrency is a revolutionary force — a decentralised, borderless technology that would level the financial playing field and provide access to wealth for the masses — the reality, as so often, is disappointing.
It was supposed to break the chains of traditional financial systems and offer an alternative to banks and governments. However, cryptocurrencies have instead become a vehicle for wealth concentration, benefiting the already affluent while leaving the majority of people behind.
Despite its promises of financial freedom, the digital currency boom has done little to reduce inequality. Instead, it has become yet another instrument in the hands of the wealthy, further entrenching the financial status quo as we have seen with Trump’s personal profits from the “Trump meme coin.”
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