Yesterday, socialist leaning presidential candidate Bernie Sanders ‘crashed’ the WalMart annual shareholders meeting.
Towards the end of his remarks, Sanders called on WalMart to pay its employees a living wage of $15 per hour. Sanders was quoted as calling current WalMart wages ‘starvation wages.’ He also noted the bitter irony that the Walton family that owns Walmart is currently worth $175 billion.
This reminds us of what crypto is about at the deepest level.
Speculation, scams, and Lambos are what most people typically associate with crypto. We believe at our core, that this is not what crypto is all about.
Crypto is about giving the common person a choice of currencies. In the case of WalMart employees, it’s not the wage that is the problem. It’s the currency the wage is denominated in.
And it’s not just a problem for WalMart employees.
People in both developed and emerging economies are not getting the purchasing power they need from their local currencies.
Countries with a currency crisis like Venezuela get all the headlines, but there is much more to the crypto story. Since central banks started printing money in 2008, there have been millions of people who have not benefited from the inflation of risk assets like stocks and real estate in coastal states like New York and California.
These gross economic distortions and inequalities is what kept crypto professionals around when Bitcoin (BTC) fell to $3,200 last year. Even with the 2019 crypto rally, crypto professionals live with the risk that the entire space could disappear if the crypto experiment fails.
How do we live with the risk? The answer is simple. If crypto and Bitcoin (BTC) survive and thrive, humanity will be better off. Crypto isn’t totally about Lambos. It’s also about groceries and rent.
Bottom Line: People don’t need a living wage. They need a wage paid in a currency that allows them to pay their bills. What they truly need is economic freedom.