The narrative around Bitcoin often includes a libertarian dream of escaping government control.
However, this dream overlooks the societal benefits of regulated financial systems, which protect consumers, ensure stability, and provide mechanisms for recovery in financial crises. Bitcoin's lack of regulation not only undermines these protections but also fosters a culture of mistrust towards established institutions, potentially leading to social unrest and economic instability.
Proponents of Bitcoin often speak of financial freedom, but this freedom comes at a cost. For many, especially in developing countries, Bitcoin's volatility can lead to significant financial loss, not freedom. The altruistic view would prioritize financial education and stability over speculative gains, recognizing that true freedom comes from economic security, not from the gamble of cryptocurrency markets.
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