Alex Gladstein, the Chief Strategy Officer of the Human Rights Foundation has blasted a financial correspondent who called Bitcoin the “perfect Ponzi”—explaining that millions of people rely on BTC crypto every day for greater financial access.
Bitcoin has recently surged above the $24,000 level and recorded a new all-time high. Breaking past its resistance level at $24K, Bitcoin managed to reach over $24,200, but has now consolidated slightly. Bitcoin is now trading slightly lower, at $23,833 at press time.
In the past week, the Bitcoin price has surged over 25% prompting one financial correspondent named Felix Salmon to refer to the cryptocurrency once again as nothing more than a speculative asset and a “perfect Ponzi.” Gladstein particular issue responding with a link to a Nigerian article declaring Bitcoin’s role in overtaking Fiat and stating:
“Yet another $/€/£ privileged Western journalist, blind to the fact that millions globally rely on Bitcoin to escape high inflation, extortionate remittances, frozen accounts, sanctions, financial isolation.”
Not won over by the link, Salmon challenged the Human Rights Foundation CSO to provide further empirical evidence that Bitcoin was being leveraged in such ways—a challenge that Gladstein was happy to take on. He tweeted:
“I’ll give you a few now. For starters BYSOL, a grassroots Belarusian human rights org, has moved more than $500k of value peer-to-peer to striking workers inside Belarus, in a way the regime can’t stop. Activists or protestors normally get their bank accounts frozen.”
In what must have been an overwhelming response for Salmon, who seemed to disappear from the conversation as the list, of Bitcoin’s real-world utility and ability to facilitate social and financial freedom grew—Gladstein went on to site how Hong Kong citizens were using Bitcoin to escape excessive financial regulation, and raise funds for peaceful demonstrations, the countless cases of Venezuelans fleeing to other countries transporting their wealth via Bitcoin and how Iranian’s are leveraging Bitcoin for financial inclusion as they are shut off and sanctioned away from the global financial system.
Salmon grew silent as Gladstein gave several more examples of Bitcoin’s importance to certain developing and isolated communities around the world which drew the praise of Morgan Creek Digital Assets founder Anthony Pompliano.
Pompliano voiced his support for Gladstein and his well-supported arguments on Bitcoin’s intrinsic value and utility.
Pompliano linked the discussion thread between Gladstein and Salmon and added his support for the CSO’s argument. He tweeted:
“Bitcoin is the single most important piece of technology that has been created in the last few decades. It is saving lives, increasing freedom, and giving millions of people hope around the world.”