Billions Living Under Authoritarian Regimes Need Bitcoin Says Human Rights Activist
When reporting cryptocurrency, the mainstream media often focuses on price drops about USD. However, a human rights activist informs the public that Bitcoin isn’t a different commodity or inventory available on the current market, ratherthan a tool for liberation.
Alex Gladstein, Chief Strategy Officer in the Human Rights Foundation, has printed a post titled “Why Bitcoin Things for Freedom” in Time Magazine. In it he explains how cryptocurrency can help individuals retake control of their lives from oppressive regimes.
“Speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention,” writes Gladstein. “For individuals living under authoritarian governments, Bitcoin can be a valuable financial instrument as a censorship-resistant medium of exchange.”
The report focuses on the current situation in Venezuela as the prime example of its thesis. It details Venezuelans are utilizing Bitcoin to evade runaway hyperinflation and unpleasant funding controls.
Past Venezuela, the article notes how Bitcoin will help citizens suffering from inflation in Zimbabwe, people who wish to prevent mass surveillance in China, NGOs that have their bank accounts frozen in Russia, also refugees without access to basic banking services. In addition, it clarifies that cash fiat can be used without government permission, but may be made nearly useless by hyperinflation and that many countries are moving to develop into cashless societies — thus strengthening the demand for cryptocurrency.
“Less than 1% of the world’s inhabitants — no longer than 40 million people — have used Bitcoin. However, as stated by the Human Rights Foundation, more than 50% of the world’s population lives under an authoritarian regime,” writes Gladstein. “If we spend the time and resources to come up with user-friendly wallets, more exchanges, and much better educational stuff for Bitcoin, it has the capability to make a real difference for the 4 billion people who can not expect their rulers or who can not access the banking system. For them, Bitcoin can be a way out.”