July 30, 2018
As I see it, you have two negative macro trends:
1. The younger generations (Millennials and beyond) are increasingly
disillusioned with investing, markets, and society at large, mainly
because they are waking up to the fact that the "American Dream" is no
longer attainable. The middle class no longer believe themselves
"temporarily embarrassed millionaires."
2. The Great QE Experiment has caused soaring wealth inequality as
gains have overwhelmingly accrued to the top 1% due to asset price
inflation. The Capital class has built itself a near unassailable moat
via certifications, lobbying, and cartelization.
These two trends are intertwined in a feedback loop that will
ultimately destabilize society as we know it.
Bitcoin and cryptocurrencies are a new asset class that, on average,
will be welcomed by the younger generations more so than the older
ones. Just as science is advanced "one funeral at a time", so goes
technical adoption across populations.
Policies that promote (or at minimum, lubricate) the adoption of
Bitcoin and cryptocurrencies achieves two goals that are ultimately
healthy for society:
1. Enables an inter-generational wealth transfer via a palatable,
natural market mechanism. If cryptocurrencies become generally
accepted as legitimate by the population at large, the rate of
adoption will still naturally be higher among the youth when compared
to say, baby boomers. Over time this will ease inter-generational
tension and wealth inequality.
2. Builds a foundation of confidence in markets, investing, and
capitalism for the younger generations. Paradigms within the
cryptocurrency ecosystem such as ICOs will also break up the
stranglehold cartels have on accruing and owning capital, as the
funding model becomes democratized.
Signalling Bitcoin's legitimacy and providing a liquidity on-ramp is
the first step to swinging the pendulum back the other way. Thank you for your time.