{"id":12196,"date":"2021-12-31T01:00:00","date_gmt":"2021-12-31T01:00:00","guid":{"rendered":"http:\/\/ci02960d20300026c3"},"modified":"2025-10-01T13:27:30","modified_gmt":"2025-10-01T18:27:30","slug":"great-reset-triggers-bitcoin-network-upgrade","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/culture\/great-reset-triggers-bitcoin-network-upgrade","title":{"rendered":"The Great Reset Triggers A Bitcoin Network Upgrade"},"content":{"rendered":"
<\/div>

The COVID-19 crisis that has devastated the economy brought radical change to our social and political landscape. From Austria\u2019s lockdown<\/a> against the entire citizenry and forced injection<\/a>, to mandatory quarantine camps<\/a> in Australia, in an effort to manage the pandemic, the governments of many countries have become authoritarian.<\/p>\n

In the past 19 months, as the world has been brought to a standstill through border and travel restrictions, the global leaders launched<\/a> the Great Reset to restructure our economy. With slogans like \u201ccreating a more fair and greener future,\u201d the WEF (World Economic Forum), together with non-governmental organizations and private business sectors, aim to create a society where \u201cyou will own nothing and be happy<\/a>.\u201d <\/p>\n

The key aspects of their plan are based on a total monetary reset. It involves a rollout of a central bank digital currency (CBDC) that can document and track transactions of citizens all over the globe. The International Monetary Fund (IMF) Managing Director Kristalina Georgieva, who joined the initiative, indicated<\/a> that the underlying economic policy of the Great Reset is tied to the vaccine mandate. Through implementing the vaccine passport QR code, they are trying to build a new digital economy that is akin to China’s social credit scoring system. <\/p>\n

Bitcoin presents an alternative to this system. As 2021 wraps up, the U.S. Securities and Exchange Commission Chairman Gary Gensler acknowledged<\/a> Bitcoin as a competitor to the U.S. banking system. This year, as the existing power has morphed into a new global currency regime, they have increased their assaults on Bitcoin. The opposition creating conflict at the same time facilitated the further strengthening of the Bitcoin network.<\/p>\n

Reputational Attack<\/h2>\n

This year began with a rehashing of the old narrative associating Bitcoin with criminal activities. On January 13, 2021, the head of the European Central Bank, Christine Lagarde attacked<\/a> Bitcoin\u2019s reputation, criticizing how it can facilitate criminal activity. <\/p>\n

This is a false narrative that has been repeatedly pushed despite the fact that a large percentage of all criminal activities are financed by fiat money or cash, and that Bitcoin is not completely anonymous, so a history of transactions can be easily tracked.<\/p>\n

Lagarde\u2019s hostile attitude toward Bitcoin was shared by her colleague, Janet Yellen, who now serves as the U.S. Secretary of the Treasury: While speaking at a Senate Finance Committee hearing on January 19 Yellen stated<\/a> that cryptocurrencies are used for illicit financing and their use needs to be curtailed.<\/p>\n

In the mid-year when the media narrative was converging COVID-19 with issues of climate change, Elon Musk, the CEO of Tesla took to Twitter to criticize<\/a> Bitcoin\u2019s energy consumption. With the Bitcoin \u201cpolluter narrative,\u201d influential figures began making a case against Bitcoin, amplifying FUD (fear, uncertainty, doubt) in the mainstream media.<\/p>\n

\n

Environmentalist attacks on #Bitcoin<\/a> are best understood as a strategy by economic, media, and political elites to undermine a powerful new form of money that they can't control. pic.twitter.com\/fzGosjdJZ4<\/a><\/p>\n

— reason (@reason) November 16, 2021<\/a><\/p><\/blockquote>\n