Amid the growth of cryptocurrencies and the political battle for their control and implementation, Emmanuel Rincón, editor at El American, explained in his show, Culture War, that the currency’s main function is to serve as a value mechanism between citizens and help create a more efficient and less bureaucratic economy.
“Cryptocurrencies are not pyramid schemes. Nor are they a casino where you bet looking to draw the winning number. The real essence of cryptocurrencies is to serve as a value mechanism between parties and help create a less bureaucratic and more efficient economy,” Rincón said.
He said that the attack on cryptocurrencies comes from large companies that are afraid of losing their monopolies. In addition, he explained what the Bretton Woods agreement was, which is the international monetary system that established the rules for trade and financial relations between the United States and other countries. This pact also allowed the dollar to position itself as a strong currency.
“The continuous attack by big businesspeople on crypto is because cryptocurrencies are putting at risk the monetary monopoly that governments and big bankers have had for decades”, he assured.
A more efficient economy?
Rincón also referred to the economic measures that have been promoted in the United States in recent years and how they have affected the value of the currency. He recounted how the value of the dollar has been affected over the last few years. He argued that this has led citizens to see cryptocurrencies as an option to safeguard their money and savings.
“The United States, the once leading nation of world capitalism, has been increasingly turning to more leftist and collectivist policies. A result of the Democratic Party with more and more socialist elected officials and completely irresponsible spending, in which some Republicans have also participated, has led to the dollar no longer being a reliable currency.”
He pointed out that one of the great concerns of the political powers is to lose control of the economy. “The moment the government loses autonomy over the national currency, it would force politicians to make realistic proposals on public action, as they will no longer be able to with inorganic money printing, interest stock modifications, or other economic gimmicks to finance their spending packages.”
He assured that despite the efforts of economic powers to discredit cryptocurrencies, it will only be a matter of time before citizens start making more transactions in this type of economy.
“It is only a matter of time before people continue to take an interest and understand more and more how cryptocurrencies can change the world, which will bring greater economic freedom to people and improve the political interactions between nations, creating fairer and less corrupt societies,” he concluded.