It does not come as a surprise that many people genuinely hate the idea of cryptocurrency. While political lobbies think that it can destabilize entire economies, financial experts are often heard talking about its volatility and unregulated nature. In recent times, a third resistance has come from certain religious groups who feel that cryptocurrencies go against their religious tenets. These wide ranges of resistance and protests point to a deeper question – why do people hate crypto?
To answer this question, we need to look at the various interpretations of cryptocurrency. While blockchain and cryptocurrency technology are the same everywhere in the world, people perceive it differently. In some countries, people have realized the wonders of digital currencies and adopted them naturally. Leading examples are Nigeria and, recently, the Republic of Congo. In some countries like Kazakhstan, Bitcoin mining is a major source of secondary income. While crypto does good to many lives, officials and authorities think that cryptocurrency poses an inherent threat to economic stability. There is a deep capitalistic undertone to this appeal. When these officials speak from their positions of power, their fear is of a destabilization that can disempower them. The concern here becomes more about personal gain than national development.
On the other hand, the media has contributed greatly towards spreading a false image of cryptocurrency. Part of the reason is how only a few people understand crypto. Another end of the reason involves the same capitalistic mindset. No matter which lobby exerts the most influence, the only way to change crypto’s image is through the dissemination of education and awareness.