Crypto will never go mainstream in current world order, renowned hacker claims
In a recent tweet, Pavel Luptak, a hacker and member of the Institute for Cryptoanarchy, expressed skepticism about the widespread adoption of decentralized cryptocurrencies in the current world order.
Luptak believes that cryptocurrencies 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 central bank digital currencies (CBDCs), despite the potential invasion of privacy for millions of individuals. He argues that complete control of the population’s money is crucial for the survival of the modern state, particularly for enforcing tax payments.
The hacker also anticipates that bitcoin (BTC) will face stringent regulation in the US and EU, limiting its widespread adoption and daily use by ordinary people. Despite this, he believes that cryptocurrencies, particularly bitcoin, 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.
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Drawing a parallel with the current state of drug use, Luptak suggests that cryptocurrency users may become the “new drug users,” criminalized and persecuted by the state. He also warns of the potential for an over-regulated society to become highly totalitarian, with selective criminalization of individuals who are inconvenient for the regime.
In response to Luptak’s tweet, some users argued that fiat currencies would eventually become worthless, leading to the mainstream adoption of cryptocurrencies. However, Luptak responded that this process could take much longer than expected.
This tweet sparks a conversation about cryptocurrencies’ future, state control’s role, and the potential implications for individual privacy and freedom. As the world grapples with the implications of digital currencies, these issues will undoubtedly remain at the forefront of the discussion.
Read more: Central banks fear CBDC risks, can’t keep up with fintech regulation
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