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Is Elon-Fueled Crypto Adoption Affecting Global Inequality?

Is Musk-Fueled Crypto Adoption Affecting Global Inequality
  • Bitcoin’s prices spike every time Elon Musk endorses cryptocurrencies on Twitter.
  • Wall Street old-thinkers pressure for crypto regulations.
  • Fintech giants believe Bitcoin can dissolve Wall Street’s monopoly.

Elon Musk influences crypto enthusiasts from several countries to buy Bitcoin every time he brings up the subject. His popularity causes digital currency prices to skyrocket and brings new hopes to combat the inequalities caused by modern capitalism.

Elon Musk Drives Bitcoin Into the Mainstream

A recent article from the Independent emphasizes the impact Musk’s endorsements have in driving Bitcoin into the mainstream. Every time the wealthiest businessman validates cryptocurrencies through his social media channels, the Bitcoin prices go a few thousand higher.

The tech giant propels new cryptocurrencies to have a prominent place in the financial world, mainly through Twitter, where he even claimed that Bitcoin is his “safe word.” This type of statement further emphasizes the new battle between Fintech new thinkers and Wall Street’s old-timers: hedge funds and wall street versus alternative investments like crypto.

Interestingly, Bitcoin is highly contributing to this dispute. Its inevitable progression is proving the dollar’s fragility during the past few years. Also, Bitcoin’s rise is consistently connected to cracks in the old order and its regulations, 

Silicon Valley’s New Thinkers Aim to Disrupt Wall Street’s Resistance

Blockchain and cryptocurrency democratize finance, and the old guard seems not to like it. Digital currencies bring to the debate the current weakness of the US Dollar in the face of more recent events such as the problems of presidential elections and the high numbers during the pandemic.

Despite the declines in value over the 2008 financial crisis, the American banking lobby continues not to support cryptocurrencies’ normalization. The resistance keeps arguing for Bitcoin’s regulations.

On the other hand, more people are beginning to look to Bitcoin as part of the answer. This is as more world leaders look at recent events in the US and aim to make their economies less dependent on Washington. Legal entities also follow Elon’s advice, such as the Central Bank of Barbados that defends cryptocurrencies should be included in their International Reserves, as well as Monte Carlo.

In conclusion, giants like Elon and hedge fund billionaire Ray Dalio are in an open battle against American supremacy. They believe that cryptocurrencies might be part of the solution. Governments worldwide may follow the lead on making cryptocurrency mainstream, thanks to the laying of the groundwork of these new revolutionists. 

Irina is a language expert that speaks English, Turkish, Uzbek, and Kazakh. She constantly sweeps the Russian-speaking cyberworld for news. She occasionally submits her write-ups to CoinQuora.