Distrust of Institutions: People Turn to Bitcoin
Date: 2024-06-05 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The CEO of investment firm VanEck, Jan Van Eck, has expressed his views on the public's growing distrust of large institutional institutions in the United States. In an interview with "The Wolf Of All Streets" podcast host Scott Melker, Van Eck emphasized that people are increasingly turning to Bitcoin due to a loss of trust in traditional banks and the media.
Distrust of Traditional Institutions
According to Van Eck, Americans are losing trust not only in religious and military organizations, but also in Congress. However, he considers the most shocking thing on this list to be the media, which play a key role in shaping public opinion and financial markets.
Van Eck noted that many members of the public are seeking to move some of their funds outside the banking system. This is due to the fact that traditional financial institutions are losing the trust of the public. Surveys show that 39% of Americans no longer rely on popular media, up from just 5% in the 1970s.
Fragility of the Banking System
Investment expert Van Eck also pointed out the fragility of the current banking structure. He noted that financial institutions are increasingly dependent on government assistance, citing the example of European Union countries. This raises additional doubts among citizens about the stability of the banking system.
Van Eck predicts that the US will have serious budget problems in 2025. He links the rise in gold prices to investors' expectations regarding the future economic situation. According to him, the American government usually resolves financial problems a year after the election, which coincides with his forecast.
Social Security Bankruptcy
The expert also predicts Social Security bankruptcy by 2033. He calls this event another catalyst for changing the financial realities of the United States. Van Eck cited several fundamental indicators that demonstrate how Americans are preparing for the “problem of 2025.”
Van Eck noted that Bitcoin mining in countries such as El Salvador and Saudi Arabia is driving interest in the cryptocurrency. More and more central banks are considering BTC as an alternative store of value similar to gold.
Bitcoin support among people
Van Eck emphasized that growing mistrust of traditional financial institutions and the media is fueling interest in Bitcoin among the general public. People see cryptocurrency as a reliable way to preserve their savings in times of instability.
Growing distrust of large US institutions is prompting people to look for alternative ways to manage their finances. Bitcoin, as Van Eck notes, is becoming an increasingly attractive option for those seeking to maintain their wealth outside the traditional banking system. These changes in public sentiment and financial preferences could significantly impact future economic realities.
