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Economist at the London School of Economics: Bitcoin's growth will lead to a dystopia

John-Danielsson-Bitcoins-growth-will-lead-to-a-dystopia John Danielsson | The Economist at the London School of Economics

John Danielsson argues that Bitcoin's continued growth will cause serious inequality in society and lead to a dystopian future. An economist at one of London's leading universities said that if Bitcoin and other cryptocurrencies continue to rise in price, inequality in society will increase. Director of the Center for Systemic Risk at the London School of Economics, Jon Danielsson, published a column for the VoxEU Center for Economic and Policy Research titled "What Happens If Bitcoin Succeeds?"

Danielsson argues that most people would not want to live in a society where cryptocurrency is doing well, because the large holders of BTC, the "whales", will become the richest people in the world, "competing with the kings and emperors who ruled empires in centuries past." The economist believes that this will lead to even greater inequality and populism. 

"When the bitcoin aristocrats start spending their trillions, what does that mean for the rest of us? We do know that such extreme levels of inequality fuel social division and populism. The bitcoin aristocrats will come under increasing threat, and the government will have to respond. It will protect or attack; it can't be neutral. Either way, political and social instabilities get worse," 

Danielsson writes

Danielsson argues that if the price of Bitcoin continues to rise and cryptocurrency replaces fiat money, society will change. Holders of fiat currencies will suffer, and cryptocurrency investors will do well. But the consequences of Bitcoin's success will be "vicious".

According to Danielsson, cryptocurrencies will go into oblivion long before they become a serious force. He ends the article with the statement that Bitcoin is just a bubble right now, and "it makes sense to enjoy its benefits as long as possible."

As a reminder, according to a Glassnode study published in early February, BTC has become more evenly distributed between whales and retail investors.


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