Michael Saylor is still here, and he’s still preaching the Bitcoin gospel. His “Buy the Future” mantra rings out across X, along with an AI-generated image of his high-minded self—naturally! Everyone’s listening, but what does it really mean for the left-behind places on the map. Or are we just about finding a shortcut towards disempowerment? Or is this all a glitzy new kind of exploitation dressed up as liberation?
A Digital Savior or Another Trap?
Saylor's vision, of course, isn't new. Bitcoin, for him, is more than an asset. It’s a mission. However well-intentioned, missions driven by fervent belief more often than not create negative unintended consequences. That’s particularly the case when they conflict with the realities developing nations have to grapple with.
Let's be brutally honest: the Global South isn't a monolith waiting to be saved by a decentralized cryptocurrency. We’re not just talking about different states in the U.S. but countries with incredibly diverse levels of infrastructure, education and political stability for example. Imagine buying Bitcoin as an anti-inflation hedge. Now, imagine trying to do this in a community that lacks access to broadband connectivity and has an intermittent electricity grid. We might be empowering them — or maybe we’re laying the groundwork for a different type of digital divide.
Consider this: a farmer in rural Zambia, struggling to feed his family, convinced to invest his meager savings in Bitcoin based on the promise of future riches. Now picture that same day traders gambled on a dramatic market crash driven by some whale’s whim, erasing his entire investment. Is that financial inclusion, or merely a filial alternative to exploitative predatory lending dressed up in a cool tech outfit?
We need to ask ourselves: Is this digital evangelism, or economic colonialism 2.0?
Can Bitcoin Really Bypass Corruption?
One of the central promises of Bitcoin is decentralization – a protocol not under the control of nefarious governments and institutions. That all sounds terrific in theory—especially for countries suffering under the hand of kleptocracy. What happens when those same corrupt officials, the ones who siphoned off millions in foreign aid, start hoarding Bitcoin themselves?
All of a sudden, the very tool lawmakers created to sidestep corruption becomes another vehicle for it. And instead of holding billions in Swiss bank accounts, they’re storing it in cold wallets. Further, instead of offshore shell companies, they’re relying on opaque crypto mixers. Different game, same players, same victims.
And let's not forget the regulatory vacuum. In most developing countries, cryptocurrency regulations do not exist or are badly enforced. Flimflam, bamboozlement and all manner of grift is the grease that makes this whole furious show run. Vulnerable populations are disproportionately impacted by these discriminatory, predatory practices. Consider, too, that these individuals are typically unbanked or underbanked and lack the same access to financial literacy and education as the average consumer. Yet they are the most vulnerable to these scams.
This isn't about dismissing Bitcoin outright. It’s tied up in recognizing the potential for harm, particularly when operating in spaces where there is little protection to the outcome and inequity is prevalent.
The Energy Cost of Freedom?
Here's the unexpected connection no one wants to talk about: Bitcoin's energy consumption. Responsible cryptocurrency mining The environmental footprint of mining Bitcoin is already a contentious issue around the world. Now imagine the impact of scale adoption in available abundant resource developing countries. These countries suffer from outdated and polluting energy infrastructure.
Are we really willing to trade financial freedom for land and water degradation? Are we asking the Global South to give up its natural wealth? This would be in service of powering a cryptocurrency that primarily benefits developed countries rich. And it’s a question that should be asked with great caution, particularly as developing countries face the brunt of climate change effects.
We will be uniquely positioned to abet increased energy consumption and environmental degradation in resource-rich developing nations. The price of “borrowing the future” can’t be the future of our planet.
Saylor’s Buy the Future message holds a lot of promise to bring a lot of people together. Its implementation in the Global South requires a serious shot of critical thinking. We like new ideas, and we like new ideas that challenge the status quo. We want to make sure that all these advances in technology serve everybody and not just the rich. We have to push the hard questions, puncture the myths, and hold folks accountable. The future is, as Bitcoin itself, uncertain. The stakes couldn’t be higher. We can no longer afford to roll the dice with the lives and livelihoods of the world’s most vulnerable populations.
