Bitcoin is creating a new economic class, people in this class no longer rely on traditional financial institutions, said Tuur Demeester, a senior investor in cryptocurrency.
Adamant Research, a blockchain data company led by Tuur Demeester, recently published a research paper called "Bitcoin Reform," linking Bitcoin to reform.
One of the highlights of the 18-page research literature is about how Bitcoin forms part of a new economic class that resembles a businessman in the reform period that overturned the authority of the Pope of Western Europe.
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The paper points out that the technological revolution that swept Europe in the 16th century was the driving force behind the rapid changes. In particular, printing technology has made it possible to mass produce books, thereby increasing international trade. Demeester compares it to the development of computing, data storage and cryptography in the modern era.
As a result of the acceleration of trade and technological advancement, a new class of merchants emerged, stealing a large fortune from landlords and churches.
After the 2008 financial crisis, millennials now turn to technology rather than banks. Demist quoted a Facebook study that said only 8% of millennials trust traditional financial institutions.
In addition, according to a number of surveys by the National Bureau of Statistics. Today, millennials are often the most friendly group for Bitcoin. Given that this generation is expected to control the largest share of disposable income in the next decade, they may eventually become pioneers in cryptoeconomic growth . Therefore, Bitcoin may lead to one of the biggest transfers of wealth in human history.
The paper reads:
Today, we see that all sectors of society, especially the millennial generation, are increasingly criticizing central bank interventionism. At the same time, technologists are accelerating the development of a range of tools to break the economic situation. In the next 10 years, Millennials are expected to have the highest earning power of all generations, and after the "911" incident, this generation of tech-savvy people used encryption technology as a defense technology. At the same time, the Bitcoin ecosystem is increasingly mature in all aspects of its economy, particularly in deposit banks, insurance, loans and derivatives, and early forms of life insurance. If this process continues, Bitcoin's layered protocol suite may become a global "power station" and a potential replacement for IMFS.
At the same time, it is worth noting that the Bitcoin white paper was published by Satoshi Nakamoto on Reform Day. This may hide the meaning of some kind of reform.
The article was translated from the u.today article Bitcoin to Form New Economic Class: Adamant Research Report, the article has been deleted, please indicate the source.