Yesterday (7/4) was the U.S. Independence Day, a day historically tied to the American Dream, embodying ideals of prosperity and opportunity. The author draws parallels between this concept and Bitcoin, as discussed in an article by George Kaloudis and compiled, translated, and authored by BitPush.
Using poet Walt Whitman’s words to describe America, “I am large, I contain multitudes,” feels cliché today: the land of the free, home of the brave, city upon a hill. Times have changed, and so has the nation and its people, making these phrases sound more trite, tinged with irony. Like the motto on the U.S. seal, from “Out of Many, One” to the candid yet puzzling “In God We Trust.”
At least unchanged in name is that phrase: the American Dream. It tells people that success can be achieved through sacrifice, talent, diligence, and perseverance, not merely by luck.
However, the American Dream holds different meanings for different people. As a first-generation Greek-American, to me, it means leveraging the opportunities my grandparents sacrificed for, immigrating and striving for a better life for the next generation.
The ambiguity of the American Dream, whose America, whose dream? Is it the dream of those who immigrated from England ten generations ago? Is it defined by those whose ancestors came from Ireland five generations ago or those who arrived on slave ships?
Perhaps not.
But such ambiguity is not problematic; many significant ideas share this quality, democracy being one example. Just because there is no widespread, universal consensus on defining an idea does not render it meaningless.
These ideas embody fundamental principles, albeit sounding illogical at times, much like how Bitcoin and the American Dream intertwine.
Bitcoin’s “cliché”
Some say: yes, I know Bitcoin!
Common responses include: Bitcoin solves XXX problem, Bitcoin is synonymous with XXX hope, you won’t understand, watching digital ups, staying poor is fun.
Comparing Bitcoin to the American Dream may seem trite, but from my perspective, their similarities are evident.
Superficially, Bitcoin and the American Dream complement each other. Achieving success through “hard work”? That’s exactly how Bitcoin mining operates: the more effort you put in, the greater the reward.
We can pose more questions.
Is Bitcoin peer-to-peer electronic cash? Is Bitcoin digital gold? Is Bitcoin a store of value? Can Bitcoin facilitate a transition to clean energy? Will Bitcoin use up all our water? Will Bitcoin protocols lead to more ransomware? Can Bitcoin empower individuals in oppressive regimes? Will Bitcoin weaken the Federal Reserve? Will Bitcoin bankrupt you? Will Bitcoin make you rich? Is Bitcoin an anti-inflation currency? Is Bitcoin a Ponzi scheme?
The answers to these questions depend on who you ask. Thus, Bitcoin and the American Dream are more alike beneath the surface.
For me, a U.S. citizen with a full bank account, Bitcoin means something different. I have access to any financial product I can think of and hold relatively stable local currency.
But for Afghan woman Roya Mahboob, Bitcoin means something different; she uses Bitcoin (and other technologies) to help Afghan girls overcome gender inequality and access education.
For Argentinians and Venezuelans facing hyperinflation, the meaning of Bitcoin is also different.
All these meanings of Bitcoin are true. Bitcoin “contains multitudes,” it accommodates many users. Allowing these users to transact without permission is the essence of Bitcoin as a peer-to-peer electronic cash system.
Bitcoin enthusiasts agree that Bitcoin can have many meanings, just as Americans agree that the American Dream (and America) can have many meanings.
One thing is certain: just as Americans are united by the American Dream, the spirit of Bitcoin—freedom in transactions—unites Bitcoin enthusiasts.
Cynical side…
I deliberately avoided the above questions because they are currently the most pressing issues for both America and Bitcoin.
Is America controlled by Wall Street “capital”? Is Bitcoin?
George Carlin once famously said on his comedy show: “That’s why they call it the American Dream, because you have to be asleep to believe it.”
To him, this country has long been exploited by “capital.” To some extent, I share this cynicism. Consumerism and dollar hegemony embarrass me as an American.
Hunter S. Thompson, the father of Gonzo journalism, expressed similar views in his famous work “Fear and Loathing in Las Vegas: A Savage Journey to the Heart of the American Dream.”
You can glean his stance from the title alone: Las Vegas, center of gambling and entertainment, is a satirical portrait of American extravagance and consumerism, potentially tarnishing America’s reputation (alongside the drugs prominently depicted in the book).
As for Bitcoin, currently, the world’s largest and most mainstream financial firms like BlackRock are promoting Bitcoin through U.S. spot ETFs, institutionalizing it.
Born from the ashes of the Great Financial Crisis, Bitcoin’s concept and assets were a rebellion against the Icarian behavior of financiers addicted to leverage and synthetic derivatives. Now, these institutions are also promoting Bitcoin purchases. Has Bitcoin been co-opted by capital interests?
Perhaps, at least in part.
Nevertheless, I believe one of the best parts of being American is the ability to openly criticize America, just as one of the best parts of being a Bitcoin user is accepting criticism to progress.
Finally, happy 248th birthday to America!
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