Bitcoin was created in the wake of the Great Recession as a substitute for the dollar and a banking system that had clearly and recently hurt people. Don't trust fiat money? Invest in crypto instead. The price of crypto became, in a way, a proxy for distrust in institutions -- specifically the U.S. government and banking system, but the sentiment was broader than that.
Trump won votes from people who felt the same distrust. He was the one man who would make things happen without the constraints of faltering institutions. The less trust people have in institutions, the more ready they are to explore a relationship with a strongman -- or a cryptocurrency.
So what has happened in this first year of Trump's presidency? People are being reminded that institutional norms actually bring a lot of value and stability. They are starting to question the philosophy of "we don't need no institutions." They may even be coming around to the notion that flawed institutions -- which might be the only kind we ever get -- are better than no institutions.
People are turning back to institutions. And bitcoin, as a measure of distrust in them, is falling in price.
Trump won votes from people who felt the same distrust. He was the one man who would make things happen without the constraints of faltering institutions. The less trust people have in institutions, the more ready they are to explore a relationship with a strongman -- or a cryptocurrency.
So what has happened in this first year of Trump's presidency? People are being reminded that institutional norms actually bring a lot of value and stability. They are starting to question the philosophy of "we don't need no institutions." They may even be coming around to the notion that flawed institutions -- which might be the only kind we ever get -- are better than no institutions.
People are turning back to institutions. And bitcoin, as a measure of distrust in them, is falling in price.
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