Because Bitcoin is decentralized and not controlled by any government, it can help people living in tyrannical countries, according to cryptocurrency experts.
As Executive director of the Texas Bitcoin Foundation, Natalie Smolenski, told ” Just the News, Not Noise ” television show last week: “Bitcoin is freedom money.”
She noted that Bitcoin is generated through a computer process called “mining,” rather than being issued by sovereign states.
“[T]he problem with traditional currencies — fiat currencies — is that they’re all politicized. We’ve seen this recently in geopolitical events — for example, Russia’s war with Ukraine. It is now possible for countries to have their sovereign reserves frozen and confiscated if they’re in another government’s issued currency,” Smolenski said.
“And so what we’re moving toward is a more multipolar world, where it’s not only contestation between governments, but between the people and their governments, that is coming to the fore. And so having a politically neutral form of money, one that can’t be manipulated by central banks or by policymakers, is increasingly important for human freedom.”
Earlier this month, 21 human rights leaders sent a letter to Congress , urging legislators to have an “open-minded, empathetic approach toward monetary tools that are increasingly playing a role in the lives of people facing political repression and economic hardship.”
The letter was in response to another letter sent to Congress by “1500 computer scientists, software engineers, and technologists” asking lawmakers to “take a critical, skeptical approach toward industry claims that crypto-assets … are an innovative technology that is unreservedly good.”
The human-rights activists wrote in their response, “Bitcoin provides financial inclusion and empowerment because it is open and permission-less. Anyone on earth can use it. Bitcoin and stablecoins offer unparalled access to the global economy for people in countries like Nigeria, Turkey, or Argentina, where local currencies are collapsing, […]
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