Puerto Rico can be free with bitcoin

OpinionThe people of Puerto Rico are fighting for self-sovereignty for decades. Bitcoin can be a crucial tool in achieving that goal. The people of Puerto Rico have been fighting self-sufficiency for decades. Bitcoin could be a crucial tool in that goal. Sources: San Juan BitDevs meeting. Puerto Rico has seen it all. From currency devaluations, confiscation wealth, colonizers and fights to independence. All this happened in less than 100 years. Pedro Albizu Campos was a fighter for Puerto Rico’s independence, sovereignty, and identity. The world now has a decentralized currency that can give Puerto Rico the independence and identity it deserves. In 1889, Puerto Rico experienced a 40% currency devaluation that crippled the economy. The United States established the American Colonial Bank, declaring the U.S. Dollar as legal tender (the official currency of Puerto Rico), and changing the peso to the U.S. peso. American Colonial Bank in Old San Juan. This resulted in Puerto Rico’s 40% currency devaluation. In an effort to save their net worth, Puerto Ricans borrowed money from the American Colonial Bank. High interest rates made it impossible for locals to repay their loans. This led to many Puerto Ricans defaulting on their debt. The bank took their assets, which were often their land, and made it impossible for them to repay their loans. Source: M2 (M2SL), FRED, St. Louis Fed (stlouisfed.org).Puerto Rico uses the U.S. dollar as its legal tender and is vulnerable to the consequences of reckless monetary policy, including the expansion of this money supply (inflation), and has already experienced major currency devaluation (as noted above). The 2020 section of this chart shows that during the COVID-19 epidemic, about 20% of all dollars in circulation were printed by the United States central banks, flooding the market with dollars. Local economies suffer from the effects of money printing, particularly for families with lower and middle incomes. Money printing leads to a wider wealth gap, with goods and services becoming more costly. The home prices and food prices in Puerto Rico are rising rapidly. A man who was passionate about human freedoms, privacy, independence, and prosperity. He was born in Ponce, Puerto Rico’s Machuelo Abajo area. Campos is a highly educated man who graduated from a top-tier American school and can speak six languages. He was the guy who led by example, set high standards, instilled values and encouraged inclusion regardless of status or class. He was a man of the people who saw the power in others and recognized that they don’t have to be dependent on anyone. His primary focus was Puerto Rico’s independence and freedom. Understanding the history of Puerto Rico is key to understanding why he chose that focus. If Alibuzu Campos were alive today, he’d be a Bitcoiner. I urge everyone to read the “War Against All Puerto Ricans”, by Nelson A. Denis. These bonds were an investment in Puerto Rico and could be redeemed from the island’s Treasury on the day it became independent. The first bond offering was for $200,000, in increments of $10-50, $50, and $100 bonds. “Albizu Campos speaks to the University of Puerto Rico at Rio PiedrasAlbizu Campos, Sixto Escobar StadiumBanking the Unbanked” The consequences of not having access to financial services or banking are severe. Bitcoin not only allows anyone to open a bank account, it allows anyone to become their own banker.Why Bitcoin?SourceBitcoin is:Decentralized: Bitcoin is the first form of money in the history of human existence that is not controlled by any individual, corporation or government.Open: Bitcoin allows anyone to participate in the network. It doesn’t recognize any race, religion, or cultural identity. It doesn’t even recognize people or their age. No banks, PayPals, Venmos, ATH M?vil, etc. There are no banks, PayPals, Venmos, ATH M?vils, etc. involved. You don’t need permission to open a savings account.Unconfiscatable: With Bitcoin, your wealth is protected for generations to come. This is possible because you only have access to encrypted keys (passwords). It cannot be seized, frozen, or stolen. Without a contingency plan, your Bitcoin will be lost. The currency cannot be altered or canceled once it is issued. Bitcoin’s network audits every 10 minutes the ledger to ensure that all participants are following the rules. Only 21 million bitcoins will ever exist. Bitcoin cannot be duplicated, duplicated or counterfeited. Bitcoin is the perfect account unit. Bitcoin allows money to be separated from the power of government, just like the separation of church and state in the 18th century that led to the great enlightenment. To have control over our financial destiny, we can’t trust systems of trust in individuals or institutions. Trustless Bitcoin — verify everything. Love for Puerto RicoMy inspiration to write this article came not only from being a bitcoiner, but also from being a Puerto Rican. I love Puerto Rico, the people, and the values it instills. To be clear, Act 60 is a great asset to Puerto Rico and should not be ignored. Act 60, however, is open to scammers and bad actors who can leave their scams as businesses or projects that fail without tax consequences. During the 2021 crypto bull markets, I witnessed firsthand how Puerto Rico became a hub for individuals who launched cryptocurrency projects, and then sold their questionable financial innovations to ordinary investors. They also stole large amounts of investors’ money. This was a slap on the face of those who invested funds from real jobs that brought real benefits to the world. There are countless examples of this, which provide context and makes it understandable as to why many locals may have resentment toward cryptocurrency.Bitcoin is not crypto, Bitcoin is not a Ponzi scheme, Bitcoin is not an individual nor company, Bitcoin is not an Act 60 beneficiary, Bitcoin is not colonialism, Bitcoin is not instilled by the government. Bitcoin is money, Bitcoin can be freedom, Bitcoin can be independence, and every Puerto Rican can enjoy the individual prosperity for which many locals have fought and died. Bitcoin is Puerto Rico’s chance for independence and 100% self-sufficiency. A bitcoin standard would be a huge benefit to places like Puerto Rico. Learn what bitcoin is, educate others, become individually sovereign and start building the Puerto Rico your ancestors envisioned.SourceThis is a guest post by Michael Markle. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.Tagsterms:FreedomPuerto rico

 

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