Money is a defence however, the strength of the defence depends on the form of money. Between government fiat and blockchain-based crypto, the latter wins.
Fiat money gives the government even more unhealthy control over the citizens and their money. Central Bank Digital Currency (CBDC) is still a form of fiat money.
Lebanon has lost 90% the value of its currency this year. Inflation in Venezuela and Zimbabwe has rendered their currencies valueless. Inflation happens in bits, that's why many people do not notice.
China has rolled out their CBDC and it can be used overseas. CBDCs are in the all seeing eyes of the government and in their full control. Whatever happened to the ethic of privacy?
Central Bank Digital Currency will make crypto more popular as money dictatorship will increase on a global scale like never before. That wouldn't be surprising as more people will want out of the system.
Cryptocurrencies which are built on blockchain technology have challenged many traditional systems. The government has full control over your money in the bank, whereas crypto keeps your money away from the reach of gov't. That's real power.
The government wants that power back, however the people have them the power but they rather abuse it. Crypto now gives people the option of retaining their power. What would you do with yours?
The blockchain is your friend. Centralized money is not a defence. Decentralized money is a defence.
Compare & contrast having a huge amount of money in your banks to having crypto worth same amount on the blockchain. Imagine staying out of the purview of authorities' unfavourable monetary policies. Why should anyone know your worth? Isn't that enough risk already?
History, they say rhymes. The 19th century was the first time when most of the world converged on a single store of value – gold – and this period saw the greatest explosion of trade in the history of the world.
Of this blissful period, Lord Keynes wrote:
What an extraordinary episode in the economic progress of man that age was … for any man of capacity or character at all exceeding the average, into the middle and upper classes, for whom life offered, at a low cost and with the least trouble, conveniences, comforts, and amenities beyond the compass of the richest and most powerful monarchs of other ages. The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, in such quantity as he might see fit, and reasonably expect their early delivery.
Today we have cryptos. With any crypto, you can get into trade with anybody on earth without any intermediary.
Trust has been re-engineered from the bottom up.
I find it ridiculous that governments couldn't build a system this efficient and all they do is ban it!
Some people say cryptos have no use cases. Well, for the mere fact you have a system that runs 24/7 worth trillions of dollars, isn't that enough for a use case?
The future of finance is crypto. It's inevitable. Evolve or perish. It's all a choice.