According to a new report by Adamant Research, an analytical firm, Bitcoin is creating a new economic class of people who are not reliant on traditional financial institutions. The study is entitled “Bitcoin Reformation” and shows parallels between Bitcoin and the reformation period. Bitcoin is now a new economic class, and that’s pretty exciting.
What is Bitcoin?
Let’s start off with the basics first. Bitcoin is the original cryptocurrency – a digital asset that relies on the central tenets of decentralization to function. Bitcoin [BTC] is built on a blockchain, which is a distributed ledger that records all transactions that take place with the network.
Bitcoin functions outside of a central bank or government, and was created by Satoshi Nakamoto in 2008 in response to the global financial recession [among other things]. Bitcoin has the highest market cap in the crypto asset market, and remains the largest coin by market cap.
A new economic class
Adamant Research highlights the fact that Bitcoin is now a new economic class by showing how it’s formation is similar to the reformation-era merchants who unseated papal authority in Western Europe.
Tuur Demeester, who heads Adamant Research, compares the proliferation of computation, the storage of data, and cryptocurrency and blockchain in the modern world to the technological revolution that occurred in Europe in the 16th century, the driving force behind the Reformation.
The Research Shows that Gen Y – Millennials – have a general distrust of traditional financial institutions. Living through the 2008 financial crisis turned millennials towards tech instead of banks, and it shows in how much they favor Bitcoin over other age demographics. There’s such a level of distrust in banks and other institutions, that a Facebook study shows that only 8% of millennials actually trust traditional financial institutions.
Millennials are projected to be in control of the largest amount of disposable income within the next decade, and could land up at the forefront of the crypto asset economy. This means that Bitcoin could result in one of the biggest transfers of wealth in modern history.
According to Tuur Demeester and Adamant Research, we’re entering a period of financial reformation where Bitcoin is now a new economic class. When we look at a comparison between the Protestant Reformation of the 16th century, and the cryptocurrency reformation [let’s just call it that], it’s clear that something fundamentally revolutionary is occurring here.
Millennials will soon hold most of the world’s disposable income, and that means more money going into Bitcoin and other cryptocurrencies. Gen Y’s inherent distrust of the traditional financial system means that more emphasis will be placed on cryptocurrencies and other forms of tech.
Oh, and if you’re still not convinced, let’s not forget that Satoshi Nakamoto released the Bitcoin whitepaper on Reformation Day in 2008.
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