In the early days, Bitcoin proposed a simple model of how the world could be transformed: The free market was going to produce inflation-proof money with strong privacy features, which could be used to avoid taxes. Over time, people would sell their dollars, replace them with cryptocurrency and the State would wither away to be replaced with an anarchic paradise.
Vinay Gupta is CEO of Mattereum, an Ethereum-based physical asset management platform. He coordinated the Ethereum launch process and first worked in cryptocurrencies in the 1990s. This essay is part of CoinDesk’s “Internet 2030” series exploring the ongoing digital revolution.
That was one bitcoin theory of change. It seems improbable now, as it did before, despite the current risk of game-changing inflation in America. The ship may be going down, and Bitcoin may be a life-raft for some (as it is in Venezuela), but the collapse was not caused by Bitcoin. It was caused by good old fashioned mismanagement over decades.
Bitcoin is an evolution. Even if it cannot replace the state, it has spurred a clandestine movement of believers. The next Bitcoin “theory of change” was remittances, banking the unbanked and creating economic opportunity at the bottom of the pyramid. Through the miracle of the
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