Title: What Bitcoin and the American Dream Have in Common
Poet Walt Whitman once aptly described America as “I am large, I contain multitudes.” The traditional phrases like the land of the free, home of the brave, and city upon a hill now carry a tinge of irony in the changing times. Just like the shift in the U.S. motto from “Out of Many, One” to the candid yet puzzling “In God We Trust.”
The saying that remains unchanged at least in name is the American Dream. It conveys the idea that anyone can achieve success through sacrifice, talent, hard work, and perseverance rather than relying solely on luck.
However, the American Dream holds different meanings for different people. As a first-generation Greek American, for me, it signifies utilizing the resources available to me, resources my grandparents sacrificed for, taking their children away from the homeland to become “first-gens.”
Whose America is the so-called American Dream? Is it the dream of those who immigrated from England ten generations ago? Is it the interpretation of those who came from Ireland five generations back, or those whose ancestors arrived on slave ships to America? Perhaps not.
But such ambiguity isn’t a problem; many important ideas carry this ambiguity, democracy being one. Just because there isn’t a broad, universal consensus defining an idea doesn’t mean it lacks significance.
Embedded within these ideas are some fundamental principles, and as illogical as it may sound, this is how Bitcoin and the American Dream intertwine.
Bitcoin “Clichés”
Some may say: Oh, I know Bitcoin! Common responses include Bitcoin solves XXX problem, Bitcoin is synonymous with XXX’s hopes, you wouldn’t understand, watching the numbers go up is interesting even in poverty.
Drawing a comparison between Bitcoin and the American Dream might seem cliché, but from my perspective, their commonalities are evident.
On the surface, Bitcoin and the American Dream complement each other. Achieving success through “hard work”? That’s precisely how Bitcoin mining operates: the more effort you put in, the greater the rewards you reap.
We can pose more questions. Is Bitcoin peer-to-peer electronic cash? Is it digital gold? Is Bitcoin a store of value? Can Bitcoin facilitate the transition to clean energy? Will Bitcoin use up all our water? Will Bitcoin’s protocol lead to more ransomware? Can Bitcoin empower individuals in oppressive regimes? Will Bitcoin undermine the Fed? Will Bitcoin make you bankrupt? Will Bitcoin