“The sensible poor do not put anything in the crypt because they have nothing and never will, because they usually have a negative budget,” says Týc. He added for E15 that the problem is not in the opportunity to save, but in the possibilities, ie to have extra money. In the Czech reality, where up to forty percent of households according to sociologists cannot afford sudden higher expenses such as buying a washing machine, it is a reasonable objection.
How little money is enough to make a meaningful investment in cryptocurrencies? Anyone who has regularly bought cryptocurrency worth 200 crowns once a month in the last four years, when bitcoin has become more widely known, should now have digital assets worth 61 thousand crowns, according to calculations according to the DCA method. That’s enough for a new washing machine, but it’s not enough to move up the social economy ladder.
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However, at a time of rising inflation, the safe harbor story is gaining ground around cryptocurrencies. Although Bitcoin does not guarantee salvation in the form of miraculous enrichment, in the long run it could serve as a safeguard against weight loss.
Uninvested money would depreciate over a third of the value with inflation lasting about three percent for fifteen years. For bitcoin, meanwhile, annual inflation in newly generated coins will fall below one percent. Its holders believe that greater rarity will lead to a higher price of cryptocurrency. At the same time, however, they assume that demand will remain the same as it does now, which no one can guarantee.
In the current context of the sharp devaluation of standard currency, therefore, it acts as a utopian credo of the first Czechoslovak Minister of Finance Alois Rašín “to work and save”. In an era of cheap money, saving ever-softer currency is a path to poverty. The current profitability of long-term small purchases of bitcoin in this respect is at least an echo of the Rašín ethos. Although it is advantageous to invest in stocks in the long run, no other investment has yielded as much as cryptocurrencies in the last decade.
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Although the otherwise very critical Týc has acknowledged that bitcoin will remain in the world, it will reportedly face a major challenge. The collective action of individual states may tame the cryptocurrency to such an extent that technology previously shrouded in revolutionary fervor with the potential to metaphorically set fire to the banking system begins to resemble a harmless poodle. Respectively, a chihuahua behind a fence as this metaphor used in the comment Dominik Stroukal. It is difficult to distinguish from bitcoin the ideology that accompanies its birth and is reflected, for example, in the composition of lectures in Parallel Polis.
Týc aptly noted that thanks to publicly available records of bitcoin payments, states with the further development of tracing algorithms will be able to easily assign a transaction to a specific person. Alternatively, they will demand that it be possible.
On the other hand, due to this “domestication” of the bitcoin blockchain, a critical number of states may have the impression that there is no reason to ban bitcoin. All the more so if, due to the taxation of its holders, something could flow into the treasury. However, the story of bitcoin as money out of state control would suffer a lot.
See what bitcoin could do with apartment prices according to its fans:
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Real estate prices have skyrocketed in recent years. Flats in Prague became the most expensive. • VIDEO Mall.tv
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With bitcoin or cryptocurrencies in general, this can be the case with the Dystopian scenario set in the same way as now with the Internet. Most of its users obviously don’t mind spying, and who does, they argue with additional tools such as VPN or encryption.
With the further development of blockchain and cryptocurrencies, it can be assumed that other anonymization tools will be created specifically for the needs of virtual currencies, even if the use of such tools should be complicated by being thrown into illegality and general disinterest of the majority population. At least it could still be the case that anyone can open a bitcoin “account”. Critics of the current financial system would warn that these options will be slashed by traditional banks in the interests of a responsible ESG investment trend and associated political activism.
Bitcoin could at least help to preserve some monetary freedoms, such as having a financial account. Instead of a cryptocurrency change tool in this context, it easily resembles a means of maintaining the status quo. The idea of a world without revolutionary change easily fits into middle-class fantasies, but it rightly opposes cryptananarchists.
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