Bitcoin Forum

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.

https://www.youtube.com/watch?v=41JCpzvnn_0&t=1s

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.
https://twitter.com/TuurDemeester/status/1192443398701101057

Bitcoin Reformation
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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Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

https://ourbitcoinnews.com/did-you-know-bitcoin-btc-is-now-a-new-economic-class/

That's true but that's not enough! There are groups of people who are willing to bypass the financial and regulatory agencies and use only cryptocurrency, but their willingness is not getting fulfilled due to the regulatory hurdles in majority of the countries!

If someone is living in Japan, probably they can be classified under this new economic class because they can literally take care of their expenses using bitcoin. But for the remaining countries, that's impossible!

Unless we have simplified regulatory framework around cryptocurrencies, this new economic class won't survive for long!

A new economic class? This is something new.

Country does varies. If you really onto something like this, you will realize that bitcoin is not made to add a new economic class. Even the world becomes reliant on technology, thetre are still portion of unaattended ones, those people who hasn't been in contact with the internet. As of 2019 only 60% of the worlds population have access to the internet. So there is no way you can really consider it as economic class, on top of that is the high volatility rate unlike gold, fiat and property, bitcoin has a deceitful characteristic. Thus, the fact that we do have nation classifications already hinder the idea of bitcoin to become anew economic class.

Possible but needs a ton of work to get to it.

I don't get it. From my understanding, an economic class is the same as a social-economic class, so it would be people who lead similar lives, money-wise, being grouped together. So example, higher-class, working-class, etc.

How does bitcoin become a new economic class? It's not directly related to this, and even though people can definitely get rich off it, wouldn't it be classified as high-class?

GEN y is definitely pretty untrusting of the regular way things are done, and most of them are looking at bitcoin and other options for their disposable income.

This is true, whatever the way the earning has been made doesn't seem to make a new class of people. Based on what they have people are grouped. This in terms of money termed upper class, middle class and lower class. Here the economic class is a new name given to the middle class cryptocurrency users because those are the most important people contributing in large number and the one to prefer economy class seats on aircrafts.  ;)

After spending some time reading through this post and the source links provided, I do not see anything unique about this so called new economic class and how relevant it is to the entire financial ecosystem. Its true that Bitcoin and cryptocurrencies in general are setting up new financial standards and financial freedom but I don't see them becoming a new economic class. Your economic class is usually determined by the amount of funds you have personally in your bank account or your standard of living.  So my question is, how is bitcoin now a new economic class ??