The tradition of talking about (or avoiding) Bitcoin and Cryptocurrency at the Thanksgiving table started in 2017. At that time, Bitcoin hit an all-time high at nearly US$20,000 to 1 BTC, breaking the industry to laymen.
Curious family members asked each other “What in the world is Bitcoin and how is that money?” and the more daring ones made the mistake of buying it at that high price thinking it would have spiked even more.
As 2018 Thanksgiving rolled in, Bitcoin became a major taboo as prices dropped down to about US$4,000, making those who bought it feel a new kind of heartbreak.
However, Forbes mentioned that Bitcoin, as well as other crypto assets, are rebounding this year which means crypto is a safe topic to bring up at Thanksgiving this time.
Here are some topics which you can easily discuss with your family:
1. President Donald Trump’s Series of Tweets on Cryptocurrency
It was a day of major exposure for cryptocurrency when Donald Trump tweeted about Bitcoin, Libra and other crypto assets. With around 67 million followers plus the media exposure he regularly gets from even just taking a dump, it’s safe to say, the world finally learned about crypto (if they haven’t already).
Even though Trump was practically slandering all crypto assets with terms like “I’m not a fan”, “facilitate unlawful behaviour” and “have little standing”, many people started becoming curious about the industry.
Of course, people who have been in the crypto industry believe that Bitcoin is far more secure due to blockchain and its proof of work, where information can’t be amended that easily (even by supercomputers).
Plus, have you ever wondered why you are paying USD 1 million for a house your parents would have paid only USD 200,00 for in their days? Fiat currency is at risk of inflation. If the government prints more money, the prices of goods increase significantly. Whereas Bitcoin is a model of deflation and has a fixed amount of supply in the world of 21 million bitcoins.
It’s no surprise that Trump would see crypto as a real threat rather than just “another internet scam” that everyone should brush off for sure. If Trump is talking about it across his Twitter feed, so should your family at dinner tables.
2. Facebook’s Stablecoin, Libra
On June 28, 2019, Facebook formally announced its digital currency Libra, but the timing just wasn’t so great because founder Mark Zuckerberg was going through trials over the data and privacy breach.
Though Libra won’t be run by Facebook and rather by a non-profit association according to their Whitepaper, its connection with the giant social media company instils doubt anyways.
Regardless, the major outcome of this would definitely be the fact that we’re highlighting the failed financial industry which problems may be solved by crypto.
The leader of Facebook’s Calibra division, David Marcus, was quoted saying in a CNBC article,
“We’ve seen the internet change the game for everything that could be digitised, except for money. The numbers really speak for themselves. There are 1.7 billion people around the world that are unbanked, the same number are underserved by financial services.”
“Now, anyone with a cheap smartphone has access to all the info they want in the world for free with a basic data plan. Why doesn’t money work the same way?”
3. The State in Lebanon and How Bitcoin is Helping People Survive
Here’s a prime example of how fiat currency has failed its nation and crypto is, in fact, helping the less fortunate people.
After Lebanon’s 76th Independence Day, protestors started flooding the roads calling for a general strike on 25 November 2019. Aljazeera reported that demonstrators and sectarian supporters faced off on Beirut’s arterial ring road until dawn.
Riot police tried their best to dissipate the situation but to little success.
The Middle Eastern country’s economy is absolutely suffering, the people can’t access their bank accounts properly and for those who can access it, the banks have placed a cap on withdrawal and international usage, Coindesk wrote.
The country is running out of imported items, small enterprises cannot afford to buy goods to run their business, and families from overseas can’t do much to help them due to the banks’ limitations.
However, there is a light in all this darkness as Bitcoin traders have helped move money across borders and into the struggling families’ pockets (legally, of course!).
A Lebanese bitcoin trader in Byblos only had 30 customers monthly prior to the country’s economic crisis. But, after the situation turned sour, his business increased up to 200 customers this month alone.
Lebanon isn’t the only country facing an economic crisis. The entire world is about to face yet another recession. Experts believe that end 2019 or the coming 2020 will be this decade’s recession.
With banks in Europe and Japan charging account holders for keeping their own money in the banks, and political unrest across nations such as Lebanon, Hong Kong, Bolivia, Guinea-Bissau and more, it seems like the fiat currency which value rests on the governments’ stability and countries’ economic status will soon be at risk.
Those who are already into crypto can definitely be thankful for two things: ownership of digital assets and a positive rebound outlook in 2020.