Cryptocurrency Revolution

A financial educator and influential member of Grupo Primo compared the rise of Bitcoin to the French Revolution to support the claim that "there will come a day when not having cryptocurrencies will be quite strange."

In the future, those who choose to not have this new class of emerging activities in their portfolio will be strange, according to Bruno Perini, a financial educator and influential figure, who stated this in an article published on the e-investidor portal on Friday, August 28.

Perini bases his argument in favor of cryptocurrency on the four factors identified by historian Jared Diamond in his best-selling book "Armas, Germes, and Aço" as determining factors for the acceptance and incorporation of new technologies by human civilization. Perini compares this to the French Revolution, which marked the transition from the monetarist system to the republicanism of democracy.

The first two are the economic advantage compared to the prevalent technology and the ease with which such advantages can be noticed by people. According to Perini, the history of the price development of Bitcoin (BTC) speaks for itself: the BTC was worth virtually nothing when the network first began operating 12 years ago, and it is currently valued at around US$ 39,000.

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But it's important to remember that the price of one Bitcoin has already reached US$ 69,000. If we compare the cryptomoeda to the devaluation of fiduciary currencies during the same period, the fact that it is currently worth 43 percent less than its historical price record does not invalidate this claim. Or, to put it another way, Perini claims that the economic advantage Bitcoin has over other financial activities is simple to understand.

The third factor relates to the social value of the technology in question and the social standing of the user. Perini uses a personal experience to illustrate how perceptions of Bitcoin's social standing have changed over a little period of time:

"Prior to recently, there was no pre-eminence in the criptomoedas. For instance, I recall telling a group of investors and analysts in 2018 that I had Bitcoins in my portfolio. At this point, people are staring at me as if I had said that using crack may be compatible with leading a healthy life (I haven't; better to be clear)."

For those who disregard or underestimate the impact of social status in relation to widespread adoption of emerging technologies, Perini details how the codes of conduct of the samurai who preferred black weapons prevented the introduction of flamethrowers into Japanese society until the 19th century.

Only until the North American Expeditionary Force engaged Japan's cannon-wielding army in a clear military show of superiority did the Japanese reconsider their initial beliefs regarding the potential advantages of the plow as a weapon of war.

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According to Perini, it is likely that cryptocurrencies would have had a difficult time gaining the acceptance they enjoy now if they were still seen as a tool used by criminals and traffickers to circumvent the law for the benefit of their illegal activities.

As entrepreneurs and investors in the sector become billionaires, traditional financial institutions begin to include them in their investment portfolios, businesses add them to their personal wealth reports, celebrities from the world of sports and entertainment start using cryptocurrencies, and nations like El Salvador and currently the Republic of Central Africa have adopted Bitcoin as their official currency, the prestige of cryptocurrencies is a worldwide phenomenon.

The final factor is the compatibility of the mentioned technology with the invested capital in it.

With a market capitalization of roughly US$ 2 trillion, which already exceeded US$ 3 trillion at the end of the previous year, Perini claims that not even the regulatory conflicts already taking place in a number of countries around the world:

"At first, when nobody knew about Bitcoin, other from a small number of cyberpunks, it would be simple to pass legislation against cryptocurrencies. Now that there are millions of users and businesses from this universe have the resources and connections necessary to lobby congresses all over the world, this mission is much more difficult."
Furthermore, Perini emphasizes that the four factors frequently act in concert to produce a revolutionary cycle in society, with no social, political, or economic forces strong enough to stop it.

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Resuming the comparison between the rise of cryptocurrencies and the French Revolution, Perini came to the conclusion that a "revolution of cryptocurrencies" is currently underway, putting the sovereignty of the fiduciary currencies that currently underpin the global financial system at risk:

"Returning to the French Revolution, it is important to note that we had about 4 years after the fall of the Bastille until the day that Louis XVI lost his head in the revolutionary guillotina. At the present, the Bastille is falling piece by piece in the current world. It is unclear when the fiduciary currency will maintain its standing against the crypto currency revolution."

“According to recent Cointelegraph news, there are movements underway to make Bitcoin a legal tender in some Latin American countries. Even while prominent opponents of the proposal, such the billionaire Ricardo Salinas, believe that it will be a "hard battle," Mexico could be the next”.

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