How Bitcoin Will Save Millennials
All generations have a rich nostalgia for the decade of their childhood. Our coming of age is our purest moment. And for millennials, it’s probably best summed up by the 1990s.
The 90s are milk and honey for us. We remain passionate about music, TV and movie treasures, our early AOL experiences, and the typical middle-class comfort that many of us have experienced, whether we’re in the lower or upper tiers of this industry.
Although I was not born in the United States and immigrated here from Eastern Europe in the early 90s, I remember America felt safe and my future was full of hope. America was the dominant force in the world. The 1990s were the height of American power and influence. Everyone felt proud to be American.
Millennials didn’t realize it back then, but the 90s ushered in the most important information age in history, the birth of the internet and the digitization of the world. The first oligarchs were born out of software and technology that would eventually touch every aspect of daily life and business.
But the age of innocence suddenly shattered before our eyes.
Many of us were in high school or early college when 9/11 happened, marking what I believe to be the breaking point between American dominance and security in the post-9/11 world of American vulnerability. America’s romantic phase for millennia was over and our country entered a state of perpetual security to feel protected. This was the first of several federal crises we were to face that were etched into our adult education.
Our deepest vulnerabilities as a nation were quickly laid bare in the financial system. There was a time when the idea of the US financial system collapsing like it did in 2008 seemed impossible. We learned that we were no longer safe from national security threats, nor were we safe from a huge bubble burst. And because of the lack of financial literacy in the United States, my generation did not understand that the government’s response to this explosion would rob us of our future.
The problems began long before we were born, but as we grew into adulthood, America sank deeper and deeper into excessive borrowing, regulation, and taxation, all of which stunted economic growth. rather than allowing it to thrive, and have put a growing tab on the millennium. generation.
America has moved from the paradigm of economic freedom to the paradigm of public spending. Our generation bears the heaviest burden of the nation’s declining freedom and economic prosperity, and the glaring reason is our country’s spiraling debt.
The average millennial graduate is heavily in debt and starting their working lives five steps backward economically. If you study the history of fiat currency, you will understand why college costs have skyrocketed. Cheap loans backed by government easy money printed into oblivion increase the cost of your books, tuition and college dorms, making degrees worthless compared to the inflated cost to attend most universities.
He may be Bitcoin’s strongest critic, but at least Peter Schiff understands that.
Currently, our student loan debt is over $1.7 trillion, which is far more than credit card debt and mortgage debt combined.
Millennials are the most educated generation, but have the least wealth. Millennials have a record number of members who are unemployed, underemployed, in debt, and with lower living standards than their parents. It’s no surprise that they often share sad but true memes like these below on their social media pages, their tech vehicles for voice rebellion.
And sorry, baby boomers and Gen Xers, but we’re in this position primarily because of the policies of those you elected. Thanks to the generations before us, we are responsible for the bills that funded expensive social programs and those that bailed out the banks during the last financial crisis. Previous generations have mortgaged the future of their children and grandchildren by going into more and more debt to pay for these benefits, which we will surely not be able to enjoy.
Nearly half of federal spending goes to Medicare and Social Security. Now add trillions of dollars in unfunded federal, state and local liabilities and the price to pay for the future has become insurmountable. You certainly can’t tax us for the money; we do not earn enough or are not paid enough. So the government resorted to stealing Peter to pay Paul, printing money to pay off the debt, and stopping millennials from paying what their parents did. And somehow a lot of my graduate peers seem to think the debt ceiling can keep rising indefinitely.
We’ve been stripped of our ability to save, to just hold one job that doesn’t require us to risk our money on coins and meme stocks, and some of my peers don’t even see the possibility of having families because it’s just not affordable. How terribly sad for our once great nation.
One thing we desperately need is open access to an asset that is growing in value and not being manipulated by out of reach insiders. But as Tucker Carlson pointed out on a recent show, after being framed by Michael Saylor, young people have been left out of the traditional systems of wealth creation in our economy.
When governments put in place multi-trillion dollar spending programs, the money has to come from somewhere (although some politicians around the world today take no responsibility for how to pay for their programs as evidenced here).
Here in the United States, our government has shown that no matter which color is in power, it will look to inflation to fund debt with more debt and continue to hand out promises of free meals with no opportunity costs .
Yet out of it all rises a bright orange light of hope.
The future is being taken over by resilient and expressive millennials and it’s being taken over by Bitcoin. We learn economic theory, not just swallow the Keynesian pill that every university hands out. We engage in the political process by holding leaders accountable for racking up more debt and fighting to elect pro-Bitcoin candidates. In 2022 and beyond, we cannot bear to experience another economic crisis without a life raft.
We are ushering in a brighter future filled with hope through monetary technology.
Bitcoin is the free market expression of all the American ideologies we grew up in: freedom, individualism, and purity. It allowed us to think about the future again without worrying too much about how we are going to pay for it.
Millennials who took their $1,200 stimulus check and invested it instead of spending it on Amazon now have over $10,000 because they took a risk in something that a large number of Americans still consider it a Ponzi scheme. Some of them have turned a few thousand into six figures deep over the past few years. This is the quintessence of free markets.
Bitcoin is such a pure example of American ideology that the Chinese banned it. And now that we have it, Millennials can give orange pills to their parents, grandparents and children to project our technological freedom around the world.
Through absolute digital scarcity and decentralization, Bitcoin offers young people not only a technology for savings, but also a way to understand and engage with the economic system as a whole, and the ability to help bridge the gaping wealth gap created by fiat debt.
This is our chance to fix not just money, but everything money touches, from skyrocketing education and housing costs as a result of moral hazards like government-backed loans, to to our disastrous fiduciary food system.
Even Millennials who can’t agree on other things, from revivalism to conservatism, will all come to the conclusion that Bitcoin is virtuous, goal-oriented, and extremely necessary.
Bitcoin software is not political, it is not capable of manipulation or fraud. It’s like that. It’s math. It’s authentic, and if there’s one word Millennials value more than anything in their culture, it’s authenticity.
Bitcoin is the only thing that can save us from the debt we inherited, so that we can build a new world order based on freedom, value and security.
This is a guest post by Natalie Brunell. The opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.