The software developer and Bitcoin researcher Pierre Rochard states that the current global unrest gives Bitcoin more prestige. According to him, Bitcoin is a tool to introduce a new monetary system. Rochard made his statements in an interview with BlockTV.
Worldwide there is great unrest among the population in various countries. In Chile, Lebanon, and Hong Kong, people have been taking to the streets for a long time to protest against the government. Rochard summarizes what caused the unrest:
It is really about the purchasing power of people and the price increases that are taking place. Who benefits from that inflation is the next question.
The way it works is that the crony capitalist banking system is strongly intertwined with the political system in these countries, and in essence, they have created a fiat plutocracy capable of extracting resources from these economic systems through seignority – that is printing new money. So they are the first beneficiaries of that seigniorage and then everyone on the receiving side of that inflation sees their living standards deteriorate.
According to Rochard, a “Bitcoin standard” can prevent corruption because they cannot simply print more money. He explains:
If they used the Bitcoin standard, these political elites would not be able to make more Bitcoin. They should face the fact that people are running Bitcoin full nodes and can ensure that they are not scammed by their government.
Watch the entire Pierre Rochard interview with BlockTV below: