In a recent tweet, Pavel Luptak, a hacker and member of the Institute for Cryptoanarchy, expressed skepticism about the widespread adoption of decentralized digital currencies in the present world order.
Luptak thinks that digital currencies will never go mainstream as long as the traditional state exists, a condition he refers to as the age of statism.
Luptak predicts that states will enforce the use of monetary authority digital currencies (CBDCs), regardless of the capacity invasion of privacy for millions of individuals. He argues that complete control of the population’s money is critical for the survival of the modern state, particularly for enforcing tax payments.
The hacker likewise anticipates that Bitcoin (BTC) (BTC) will face stringent regulation in the United States and EU, limiting its widespread adoption and daily use by ordinary people. Regardless of this, he thinks that digital currencies, particularly Bitcoin (BTC), will be used by hundreds of millions of people in the future, albeit largely illegally, without Know Your Customer (KYC) procedures, tax payments, or levies.
Drawing a parallel with the present state of drug use, Luptak implies that digital currency users may become the “new drug users,” criminalized and persecuted by the state. He likewise is warning of the capacity for an over-regulated society to become highly totalitarian, with selective criminalization of individuals who are inconvenient for the regime.
As a result to Luptak’s tweet, some users claimed that fiat currencies would sooner or thereafter become worthless, leading to the mainstream adoption of digital currencies. Nonetheless, Luptak responded that this procedure could take much longer than expected.
This tweet sparks a conversation about cryptocurrencies’ future, state control’s role, and the capacity implications for individual privacy and freedom. As the world grapples with the implications of digital currencies, these matters will undoubtedly remain at the forefront of the discussion.