Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, adds a whole new layer to the understanding of Bitcoin with his book Check your Financial Privilege. When you first hear about Bitcoin - the funny internet money - you probably picture tech nerds, crypto-bros, and a get-rich-quick (or lose-everything) schemes.
But have you ever stopped to think about what money really is? Or why it might have anything to do with human rights? If I need a new bank account, I stroll into a bank and open one. My savings feel safe. If I move abroad, I’ll set up a new account and transfer my funds. If I pay for a friend’s lunch, he’ll PayPal me 10 € (or $) in seconds.
For most people on Earth, it’s not that simple.
Here are some thoughts to consider:
#1 Restricted Access:
Over 3 billion people live in places where personal freedoms -like choosing your own spouse - are dictated by family or tradition. Imagine, as a woman, trying to walk into a bank and open an account without your husband’s approval. In many countries, that’s not just a hassle - it’s impossible.#2: Unbanked:
Around 1.4 billion people are unbanked, lacking access to basic financial services. Many can’t open an account because they don’t have an ID, live too far from a bank, or the system simply doesn’t serve them.#3 Fleeing with Nothing:
What if war breaks out or a new regime cracks down? Fleeing to the West might mean stuffing whatever valuables you have into your pockets, likely rowing across the Mediterranean. Your bank account? Frozen. Your valuables taken by border control or human smuggling gangs.#4 Funding Resistance:
Want to protest against an oppressive regime? It’s dangerous -potentially life-threatening. But how do you fund it when your bank account can be blocked on a whim by those in power?#5 Devaluation, Inflation, Expropriation:
The West is grappling with a “cost of living crisis” - inflation feels higher than ever, with soaring food, housing, and energy prices. But imagine a 44% devaluation of your savings overnight, as happened in Malawi in 2023. Inflation of 211% in Argentina (2023) cuts your savings in half every 7 months, and inflation of 1,698,488% in Venezuela (2018 peak) slashes it in just 26 days.
Our money is broken. But check your privilege - most of the world has it far worse. Rethink, if there isn’t a need for censor-resistant, uncontrollable, free people’s money that nobody can hinder access to, that doesn’t ask your gender, ethnicity, background, sexual orientation, or political beliefs and no government can inflate.