So, Bitcoin's bouncing back, huh? And all that thanks to a little birdie from the Fed, suggesting they would step in if the going gets tough. Issued by Susan Collins, Boston Fed President, this essentially sent a golden parachute for the crypto world signal. Bitcoin surged. Altcoins followed suit. Everyone's popping champagne, right?

Let's be real: this isn't just about Bitcoin hitting $84,000. This is about power. This is a question of who gets to shape the future of our financial system. And when the Fed steps in to "stabilize" the crypto market, we need to ask: who really benefits?

Whose Freedom, Whose Market Are We Talking About?

Yes, your institution’s portfolio will receive an immediate boost. But what about the long game, particularly for developing countries such as those in Africa? Are we really advancing people’s economic independence and financial capability? Or are we just replicating the same flawed power dynamics, but with a new tech-enabled veneer?

Think about it: the Fed, a Western institution, potentially dictating the terms of a decentralized market. The irony burns.

Just last week, I had a fascinating conversation with one such young entrepreneur, Kwame, in Accra, Ghana. This is the platform that he’s building to enable cross-border payments in crypto. This unique solution eliminates the outrageous branch fees and red tape of the legacy banking industry. Like many of his counterparts nationwide, Kwame believes that crypto is the key to unlocking new economic opportunities for his community. He expressed a deep concern: "If the Fed starts calling the shots, will we just be trading one form of control for another?"

Accra's Crypto Dreams, Washington's Crypto Rules?

Are we, in the West, so gripped by our market phobia, that we are missing the positives. A truly decentralized, equitable financial system has the potential to better empower those who need it most. Or are we trying to impose our solutions on a continent that’s as fast-moving and already innovating and bankrolling its own crypto ecosystem.

The story of crypto is negatively written in a generalized way, which comes mostly from the Western lens. We listen to the noise of institutional investors, regulatory barriers in the US, and the price of Bitcoin. In doing so we shortchange the positive real world contributions of crypto in countries like Nigeria, Kenya, and South Africa. In these countries, citizens and their governments are deploying this technology to solve some of humankind’s biggest challenges, including financial exclusion and hyperinflation.

Let's not forget the Fed’s history. Remember 2020? They saved the day, purchased all the bonds, and Bitcoin hit the moon. That might have lined a few wallets with dollars. It also exposed the deep relationship between centralized behavior and allegedly decentralized property.

The promise of crypto, at its core, is decentralization. Power to the people, freedom from traditional financial institutions. A Fed-engineered recovery runs the danger of morphing that promise into a cruel joke.

We must guard against solutions that sound great in theory but continued to maintain inequities in practice.

Decentralization: A Promise, Not A Guarantee

So, what can you do? Instead of waiting to see what the Fed does next. What you need to do is begin to look at what’s going on the ground in the continent of Africa. Support African-led crypto initiatives. Urge other governments to pursue fiscal policies that support financial sovereignty and independence.

  • It risks reinforcing Western dominance: A Fed-backed recovery might inadvertently bolster Western-centric crypto solutions, overshadowing and potentially stifling the growth of African-led initiatives.
  • It could hinder the development of independent solutions: By creating a safety net, the Fed might discourage the development of truly innovative, Africa-specific crypto solutions tailored to the unique needs of the continent.
  • It might prioritize Western investors over local communities: A Fed-influenced market could prioritize the interests of Western investors, potentially at the expense of local communities and their economic empowerment.

Connect them with nonprofits that are already on the ground in the African crypto space. Invest in African crypto startups. Last but not least, continue to push for more transparency and accountability from all institutions, including the Fed.

Support African-Led Crypto Initiatives

This isn't just about Bitcoin. It's about justice. It’s about living up to the promises of financial freedom for all and not just for those already born on third base. Additionally, it’s about the implicit ethical implications of our actions.

We can’t allow the Fed’s would-be “rescue” to turn into something neo-colonial. Here’s to building a genuinely equitable and decentralized global financial system together! So let’s work together to energize a new wave of innovators and doers at home and abroad.

Kwame and millions of others are -on-the-ground doing just that already. Let's help them. If we do, our fears will kill their dreams. Let’s choose freedom.

Don't let the Fed's potential "rescue" become another form of neo-colonialism. Let's work towards a truly equitable and decentralized global financial system, one that empowers individuals and communities around the world.

Kwame and countless others are already building it. Let's help them. Let's not let our anxieties overshadow their ambitions. Let’s choose freedom.