Have cryptocurrencies escaped conspiracy theory?
Since the emergence of Bitcoin in 2009, the world has witnessed a digital transformation in finance and financial transactions. Yet with every significant development, questions and doubts arise. Are cryptocurrencies truly a revolutionary financial tool, or are they part of a hidden global scheme? In other words, have cryptocurrencies escaped conspiracy theory?
The first point of controversy is the identity of Bitcoin's creator, Satoshi Nakamoto. This is a pseudonym, and no one knows who it is—whether an individual, a group, or a state. This mystery has fueled theories suggesting that cryptocurrencies are an experimental project for intelligence agencies or financial elites to test a new financial system outside the control of governments.
Cryptocurrencies emerged after the global financial crisis in 2008 when trust in banks and financial institutions collapsed. At that time, a theory arose suggesting that cryptocurrencies were created to end the central banks' control over money, or at least to reduce their influence. However, there are those who see cryptocurrencies as a new trap for control in a more sophisticated manner. If governments can monitor paper money, they can also monitor the blockchain.
The biggest blow to the freedom of cryptocurrencies came from central bank digital currencies like the Chinese digital yuan. These currencies appear as a digital version of paper currency but with the state's ability to track every transaction. Here, the conspiracy theory returns to say that Bitcoin was created as an acceptable starting point, and once people got used to the idea, it would be replaced by a comprehensive surveillance system.
Over time, mining and development have come under the control of giant companies and massive data centers. Bitcoin is no longer what it started as—a free individual endeavor—but has turned into a large industry dominated by specific entities. This has led some to ask whether we are moving from bank monopolies to digital monopolies.
Some theories suggest that cryptocurrencies are used as a soft economic weapon. For example, some believe that certain currencies are hyped in the media and then intentionally collapse to destroy people's trust in the digital financial system.
There is no conclusive evidence of a conspiracy behind cryptocurrencies, but in a world governed by interests, it is natural for every technology, no matter how neutral, to be used within the struggles of major powers.
Cryptocurrencies can be a tool for freedom or a tool for control, depending on who wields them.
Its services and how it is managed.