What do Bitcoin and the American Dream have in common?

Source: Coindesk

Author: George Kaloudis

Original Title: What Bitcoin and the American Dream Have in Common

Compilation: Mary Liu from BitpushNews

To describe America in the words of poet Walt Whitman, "I am large, I contain multitudes."

How clichéd these phrases are: land of freedom, home of the brave, city on the mountaintop.

The times are changing, and this country (as well as the people who make up this country) has undergone many changes. These words now sound old-fashioned with a hint of irony. Just like the motto on the American coat of arms, from "Out of Many, One" to the frank and perplexing "In God We Trust".

At least in name, the famous saying remains unchanged: the American Dream. It tells people that anyone can achieve success through sacrifice, talent, hard work, and perseverance, rather than just relying on luck.

However, the American Dream has different meanings for different people. As a first-generation Greek-American, the American Dream means using the resources available to me, my grandparents' sacrifice to immigrate and bring their children away from their homeland to become the "1st generation".

Whose America is the so-called American Dream, and whose dream is it?

Is it the American dream for those who immigrated from Britain to the United States before the tenth generation?

Is this the explanation of the American Dream for those who immigrated to the United States from Ireland before the fifth generation or those who arrived in the United States on slave ships?

Possibly not.

But this ambiguity is not a problem, many important ideas have this ambiguity: democracy is an example. Just because there is no widespread, universal consensus to define an idea does not mean that it has no meaning.

These thoughts contain some basic principles, and although they may sound illogical, Bitcoin and the American dream are combined in this way.

Bitcoin's "clichés"

Some people say: Yes, I know Bitcoin!

Common responses include: Bitcoin solves the problem of XXX, Bitcoin is a synonym for XXX's hopes, you won't understand, bullish on the rise of numbers, it's also interesting to remain poor.

Comparing Bitcoin to the American Dream may seem cliché, but from my perspective, their similarities are obvious.

On the surface, Bitcoin and the American Dream go hand in hand. Achieve success through "hard work"? This is exactly how Bitcoin Mining works: the more effort you put in, the greater the reward.

We can raise more questions.

Is Bitcoin peer-to-peer electronic cash? Is Bitcoin digital gold? Is Bitcoin a store of value? Can Bitcoin achieve the transition to clean energy? Will Bitcoin use up all our water? Will the Bitcoin protocol lead to more ransomware? Can Bitcoin empower individuals in oppressive regimes? Will Bitcoin weaken the Federal Reserve? Will Bitcoin make you bankrupt? Will Bitcoin make you rich? Is Bitcoin an anti-inflation currency? Is Bitcoin a Ponzi Scheme?

The answers to these questions depend on who you ask. Therefore, Bitcoin and the American dream are more similar than they appear on the surface.

Bitcoin means different things to me as a US citizen with a fully banked account. I can use any financial product I can think of and have relatively stable local currency.

But for Afghan woman Roya Mahboob, the significance of Bitcoin is different, as she uses Bitcoin (as well as other technologies) to help Afghan girls overcome gender inequality and access education.

For Argentines and Venezuelans facing malignant inflation, the meaning of Bitcoin is also different.

All these meanings of Bitcoin are real. Bitcoin "covers everything" and can be accepted by many users. Allowing these users to transact without permission is the essence of Bitcoin as a peer-to-peer electronic cash system.

Bitcoin enthusiasts agree that Bitcoin can have many meanings, just as Americans agree that the American Dream (and America) can have many meanings.

One thing is for sure: just as Americans are connected to the American Dream, the spirit of Bitcoin, namely the freedom of transactions, connects Bitcoin enthusiasts together.

The cynical side...

I deliberately avoided the above question because it is now the most followed issue for the United States and Bitcoin.

Is the United States controlled by 'capital' on Wall Street? Is Bitcoin like this?

George Carlin once said in a talk show, 'That's why they call it the American Dream, because you have to be asleep to believe it.'

In his view, this country has long been exploited by "capital." To some extent, I am also somewhat cynical. Consumerism and the dominance of the dollar make me, as an American, feel embarrassed.

The famous work "Fear and Loathing in Las Vegas: A Savage Journey to the Heart of the American Dream" by Hunter S. Thompson, the father of Gonzo journalism (a departure from traditional journalism, characterized by exaggerated, bold, and subjective satire in writing style), also expresses similar views.

You can get a glimpse of his argument from the title of the book: Las Vegas, as the center of gambling and entertainment, is a satirical portrayal of American extravagance and consumerism. Both of these (as well as the prominently depicted drugs in the book) have the potential to tarnish America's reputation.

As for Bitcoin, currently, the world's largest and most mainstream financial companies such as BlackRock are selling Bitcoin through US spot ETFs in an institutionally 'beautified' form.

The concept and asset of Bitcoin were born in the ashes of the great financial crisis, as a resistance to the Icarian behavior of those financiers who were addicted to leverage and synthetic derivatives that caused the crisis. Today, these institutions are also promoting the purchase of Bitcoin. Has Bitcoin been controlled by capital interests?

Perhaps, at least partially so.

However, I believe one of the best parts of being American is the ability to openly complain about America, and the same goes for being a Bitcoin user - accepting criticism is necessary for progress.

Finally, happy 248th birthday, America!