February 22nd 2021 - Powerful Enemies of Crypto

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When price of Bitcoin and other cryptocurrencies are going to new parabolic All Time Highs, it is easy to get complacent and believe that the worst days for cryptosphere are behind us. On one hand, it looks like the Bitcoin and crypto is doing what was supposed to do, at least in terms of financially and psychologically rewarding true believers. It is also easy to believe that the progress is unstoppable and that the resistance to crypto is futile, especially since not only celebrities but banks and other established institutions apparently abandoned its initial scepticism.

But, there are still great dangers that await crypto enthusiasts and investors in the future, and they mostly come from the rather tiny, but extremely powerful and influential segment of society that became even more rich, powerful and influential in 2020. One of them is Bill Gates, the third richest man in the world, who recently stated that Bitcoin was an innovation world would could do without. Although such views by former leader of Microsoft aren't exactly new, today they carry much more weight today than before COVID-19, when Gates wasn't hailed as the world saviour by mainstream media and treated like ultimate authority on almost any subject.

Needless to say, Gates' hostility towards Bitcoin and cryptocurrencies will, sooner or later, be reflected in other segments of the global elite, including politicians. US Treasury is currently led by Janet Yellen, public figure who never hid her hostility towards Bitcoin and some commentators are attributing already today's massive drop in crypto prices to her latest statement about Bitcoin's alleged inefficiency.

This hostility is likely to reflect on social media, where we already have armies of "progressive" influencers on Twitter starting campaign against Bitcoin over its alleged role in global warming. Participants in that campaign have all the reasons to believe that they can expect support from governments and mainstream media. Although it's not likely that the even the most powerful individuals and organisations can in the long run win over mathematical reality of Bitcoin and other cryptocurrencies, the struggle that awaits cryptosphere is going to be harder and longer than many expect.

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