The Illusion of Freedom: How Cryptocurrency’s Promise is Being Subverted

Opinion by: Pauline Shangett, Chief Strategy Officer at ChangeNOW

Bitcoin optimism is surging. Recent developments, such as U.S. President Donald Trump’s trade agreement with the UK, have infused global markets with renewed confidence. Bitcoin (BTC), heralded as the ultimate borderless asset, is certainly benefiting from this optimism. However, behind the scenes of Trump’s aggressive push to deregulate the cryptocurrency industry lies a disturbing consolidation of power favoring a select few.

The Original Intention of Cryptocurrency

Cryptocurrency was birthed from a desire for financial inclusivity—an antidote to the opaque systems that prioritize profit above people’s interests. Bitcoin emerged in the aftermath of the 2008 financial crisis as an experiment in financial sovereignty. It aimed to empower everyday individuals who had become disillusioned with traditional financial institutions.

Yet, what we are witnessing today reflects a different narrative. The Trump administration’s rapid deregulation of the crypto landscape seems more like an exercise in favoring the elite rather than empowering everyday users.

The Business Ties Behind Deregulation

Directly linked to this narrative is World Liberty Financial (WLF), a crypto venture tied to Trump’s family. As the administration began loosening oversight, WLF launched its own stablecoin and digital tokens, raising eyebrows about potential conflicts of interest. The Department of Justice even disbanded its national cryptocurrency enforcement team, halting investigations into money laundering and fraud.

Critics are understandably alarmed. Trump’s apparent enthusiasm for digital currencies may be more about strategic business positioning than a genuine desire for innovation and freedom. As cryptocurrency becomes politicized, it’s no longer just about digital assets; it’s about power, loyalty, and influence. This trend toward “politico-coins” threatens to create a new kind of centralized control in an ecosystem that was meant to disrupt such power dynamics.

Speculation Over Empowerment

While the Trump administration has painted itself as the liberator of blockchain technology, the reality is much more complicated. The perception of financial freedom is quickly being overshadowed by speculative ambitions. Major players like WLF are flush with new capital while the average investor grapples with a landscape that increasingly favors the well-connected.

The message being communicated is disheartening: financial freedom appears to be for sale, but only to those within certain elite circles. This represents a stark deviation from the principles that drove the initial Bitcoin movement.

The Irrelevance of Traditional Financial Systems

This situation is particularly troubling for the unbanked and underrepresented populations. Crypto was meant to offer alternatives to those failed by traditional financial systems. Yet, the current trend threatens to perpetuate the same old narratives and power structures that have long existed.

People need to understand how cryptocurrency can genuinely improve their lives. Real-world applications—like sending remittances home without exorbitant fees or saving in stable digital currencies during economic turmoil—are crucial. It’s time to pivot the conversation from mere investment speculation to tangible benefits.

Reclaiming Crypto’s Core Mission

Trump’s rhetoric about financial freedom belies a system that still caters to established power structures. The promise of cryptocurrency should not be merely an ideological facade. If the crypto community genuinely aims to fulfill its transformative potential, it must return to its original mission: breaking free from the confines of the old financial order.

A Call to Action

Now more than ever, voices from the unbanked and marginalized groups need to be amplified. This moment is pivotal; it’s essential to strip away the political branding that currently clouds the crypto landscape. The goal should be to provide real financial access to those who need it most.

By focusing on the everyday utility of crypto rather than its speculative nature, we can remind ourselves of what this revolution was truly meant to achieve: democratizing finance for everyone, not just those who already hold the reins of power.

This article serves as a reflection of the current state of the cryptocurrency industry and is not intended as legal or investment advice. The views and opinions expressed are those of the author alone.