Can Blockchain Revive the American Dream?

“[T]he American dream that has lured tens of millions of all nations to our shores has been a dream of being able to grow to fullest development as a man and woman, unhampered by the barriers which had slowly been erected in the older civilizations, unrepressed by social orders which had developed for the benefit of classes rather than for the simple human being of any and every class. And that dream has been realized more fully in actual life here than anywhere else, though very imperfectly even among ourselves. It has been a great epic and a great dream. What, now, of the future?” (James Truslow Adams, The Epic of America)

The American dream: The belief that anyone, regardless of the circumstances of their birth, can achieve their definition of success. The promise of the American dream has been a beacon of hope to so many, whether born in America or overseas, and has been a constant throughout the years. It’s a source of inspiration, motivation and identity to the nation, and provides hope that anybody can achieve autonomy and freedom in the modern world. What’s the catch?

The problem with this “dream” is crony capitalism has broken the system. In an ideal free market economy, anyone can be successful and everyone has an equal shot of achieving their dreams. Unfortunately, the US has not been operating under a free-market economy for quite some time. We’ve been working under crony capitalism, where the government and banks help the elites pool their money, and the elites pay off politicians to perpetuate the system. Natalie Brunell of Coin Stories said on a recent episode of : “You're basically pooling the money at the top, and the politicians who want to get reelected and promise people the free lunch, they're not affected by it. The big corporations and the people will follow the money, who are carrying assets with a ton of real estate, they're not affected by it. But the little guy is.” 

Crony capitalism has moved the American dream out of reach for so many people, resulting in . the top 10% owning 70% of U.S wealth(of which, the top 1% own half of that). The bottom 50% hold a paltry 2% of the nation’s wealth, which is a far cry from an equal playing field. These figures illustrate why the rest of us are scratching our heads, wondering: “When will it be our turn?”

Still, I’m a firm believer that the American dream is NOT dead. Groundbreaking technologies like Bitcoin and DeFi are reigniting the American dream and putting power back into the hands of the little guy. 

“I spent the last 10 plus years as a reporter, interviewing the little guy. Interviewing many people from disenfranchised communities and people who are just trying to make it, and I see my parents in those people. They came here with nothing from a communist country, where they didn't have a lot of freedom, they just wanted to make it and give their kids a better life. And the system makes it harder and harder to do [that]... when everything just gets more and more expensive. And the system suddenly feels rigged against you,” says Brunell.

DeFi is leveling the playing field and disrupting the status quo in many industries. Bitcoin has no barrier to entry beyond a simple WiFi connection. By decentralizing finance, people once again have the opportunity to build generational wealth again and turn their backs on traditional fiat currency. Countries are beginning to take notice and find ways to incorporate Bitcioin into their economies. Bitcoin ATM’s are becoming more common, venture capitalists are pouring millions into startups, new projects are aiming to disrupt the world’s status quo, and thousands of people are finding new ways to earn wealth in the new grassroots economy that is sprouting.

The American dream has been revived, and its saviors are Bitcoin and the DeFi movement. As the Fed continues to pump our economy with an endless supply of fiat dollars, Bitcoin and the DeFi movement are making strides to level the playing field and allow people to realize their fair share, without socioeconomic barriers holding them back.