Jamie Dimon foresees a “kerfuffle” in US Treasury markets. At the same time, the crypto world is abuzz with excitement over a possible Bitcoin liftoff. Super, Bitcoin increases – one more Lambo for somebody. But hold on just a second. My name is Emily Nkrumah and I reside in Accra. As a Southern person and practitioner, this “kerfuffle” looks more like a slow-motion train wreck on the Global South than a homecoming to me.
Is Bitcoin Just Papering Over Cracks?
This isn't about Bitcoin itself. It’s not just because of why Bitcoin would be going to the moon. Regardless, Dimon seems to be signalling for the Fed to step in, which is code for “money printer go brrr.” Given how volatile Treasury yields are already, that the answer to the problem, apparently, is more liquidity. More money conjured out of thin air.
The world’s reserve currency, the basis of our entire global finance system, is currently teetering on an unprecedented precipice. What’s their suggested fix—the answer to all this inflation? Even more monetary easing. And this is what's driving Bitcoin's rally? It’s akin to congratulating the folks selling umbrellas in the middle of a flood.
Global South Pays The Price
The US sneezes, the Global South catches pneumonia. As easy money policies in the US play out, they inevitably produce inflation and currency devaluation in developing countries. We're talking about real-world consequences:
- Eroded Purchasing Power: Our Cedis, Rupees, and Pesos buy less.
- Increased Debt Burden: Debts denominated in USD become harder to repay.
- Exacerbated Inequality: The rich get richer, while the poor struggle to afford basic necessities.
Can we celebrate as Bitcoin’s ascent is powered by an exploitative mechanism that intentionally harms marginalized communities a win. Or is it just a sign of a bad, rotten system?
Profiting From Our Misfortune?
We might find ourselves benefiting from a system that purposefully debases our currency, raises our burden of debt, and exacerbates the inequality crisis.
Arthur Hayes is practically salivating at the prospect of the Fed loosening bank capital requirements (such as removing the SLR). He refers to it as being in “UP ONLY” mode for Bitcoin. Excellent. But at whose expense? Is Bitcoin’s success inherently predicated on the instability, corruption, and manipulation of these traditional financial systems, systems that disproportionately harm us?
I think that’s what’s so seductive about all of this, right, the hype, the promise of decentralized finance, the allure of quick profits. We need to ask ourselves: Are we building a new financial order on a foundation of sand, a foundation built on the backs of the world's most vulnerable?
I’m not disputing the idea that Bitcoin in and of itself is a bad thing. It offers a potential alternative. Celebrating its rise without acknowledging the underlying factors, the systemic inequalities and the potential for further harm to developing nations, feels deeply wrong.
- Whose kerfuffle fuels Bitcoin's rise?
- Are we ethical profiteers?
- Can Bitcoin rise save us all?
Rather than simply shorting with the “spectacle” liftoff jubilation, demand more amiable commercial practices. Together, we must demand debt relief for developing countries and advocate for a fairer global financial architecture. Let’s work together to build a system that helps us all succeed. Our own prosperity should not have to be built on the misfortune of others.
This isn't about being anti-Bitcoin. It's about being pro-humanity. It's about recognizing that a rising tide doesn't lift all boats when some are deliberately chained to the ocean floor. The deeper questions we need to be asking are: Is Bitcoin’s trajectory really that of a revolution? Or as just another chapter in a centuries-old US history of economic exploitation, dressed up as creative disruption. The price we pay for society to be smart today? I am not sure, you tell me.
This isn't about being anti-Bitcoin. It's about being pro-humanity. It's about recognizing that a rising tide doesn't lift all boats when some are deliberately chained to the ocean floor. It's about asking ourselves if Bitcoin’s trajectory is truly a revolution, or just another chapter in a long history of economic exploitation, cleverly disguised as innovation. It is a necessary evil for the current world? I am not sure, you tell me.
