In a world where “talent is everywhere, opportunity is not,” the current mandatory monetary system perpetuates the gap between those who have access to resources and those who do not. Even in democratic societies, which have their own flaws, people generally enjoy stable currencies, freedom, and the rule of law. These features create an environment rich in opportunity, where a person's start in life does not have to dictate where they will end up.
Bitcoin advocate and best-selling author Lynn Alden is a prime example of overcoming obstacles and taking advantage of the opportunities offered by democratic societies. Despite suffering from homelessness for several yearsShe made her way to become a well-known figure in financial circles. Her story is not unique. Many refugees fleeing war and persecution have found ways to adapt, innovate, and thrive in the new lands, contributing greatly to their adopted communities.
For example, the co-founder of WhatsApp, Jan Koum, He grew up without electricity in UkraineAfter immigrating to America, he spent several years cleaning grocery stores before finally achieving success. PayPal co-founder Max Levchin chirp About how he found success in America after escaping persecution in Russia. “My family and I, and thousands of Soviet Jews like us, came to the United States as refugees in 1991, fleeing a system that persecuted us because of our identity.Another amazing immigrant success story is that of Mai Li Chang, who was born in a Thai refugee camp to Vietnamese parents and knew only one English word — “toilet” — when she started school in the United States. Chang overcame many obstacles. Now an engineer contributes to NASA's mission to Mars.
However, the situation is vastly different under authoritarian regimes, where a person's potential is often predetermined by the circumstances of his or her birth. Typically, in such places, if you are not born into a family with ties to corrupt officials – in other words, if you are not a rich kid – your ability to innovate and your entrepreneurial spirit will be systematically suppressed. Under these systems, the legal system is not based on merit, but is rigged in favor of these “closed children.” In other words, the systems are based on patronage, family ties, and corruption.
In the past, when there was neither internet nor smartphones available, the average individual living in such hostile environments simply accepted the harsh reality that they were destined to serve tyrants and their family members. However, today Bitcoin stands out as more than just a technology; It serves as a gateway to financial empowerment without compromising moral values. It provides a powerful tool for breaking through many of the tangible barriers erected by repressive governments.
an experience Suan Htet Aung Swan, an AI entrepreneur from Myanmar (formerly known as Burma), explains how Bitcoin can provide a lifeline for individuals facing the harsh reality of starting from scratch with no money or family connections. After founding his AI company in 2016, Swan's startup grew rapidly, and by 2020 Achieving an annual income of more than $300,000.
Highlighting the importance of Bitcoin in maintaining financial health, Swan pointed to a pivotal moment afterwards The coup in February 2021. Four days after the military seized power, he withdrew his company's funds and converted them into Bitcoin and USDT. He made this decision just two weeks ago Banks in Myanmar have begun to limit withdrawals For individuals and companies, allowing him to control his company's assets. Unfortunately, his choice to keep the remaining US dollar assets in banks resulted in the loss of a significant portion of the company's financial assets when the Myanmar junta issued an extreme new monetary policy aimed at preserving the US dollar for the war machine. The policy, issued by the Central Bank of Myanmar on April 3, 2022, resulted in the forced conversion of Swan's US dollar reserves into the rapidly depreciating local Myanmar currency (Myanmar kyat) without its approval at 30% below the market price.
New policy Assigned “which”Residents within the country must repatriate foreign exchange earnings earned abroad to Myanmar. These profits will be sold and exchanged for Myanmar Kyat within one business day through banks holding Authorized Dealer (AD) licenses by opening a foreign currency account in Myanmar.”
People living in countries with fairer and more just legal systems may find it difficult to understand such repressive financial policies. However, Myanmar actually has a history of centralized financial institutions exercising power to oppress its citizens. Notorious example It happened In 1987 when the government suddenly demonetized 25, 35 and 75 kyat notes, effectively wiping out 80% of the currency in circulation in the economy overnight.
More recently, after the violent military coup in Myanmar in 2021, the Burmese military used tactics such as freezing the bank accounts of activists, journalists, and supporters of the anti-coup movement, further demonstrating the junta's tactic of oppressing people through the paper-based financial system. Sadly, such abusive policies are often ineffective in places like Myanmar, where people are preoccupied with ensuring their survival, putting food on the table, and keeping a roof over their heads – leaving them with no energy or interest to challenge or fight. against injustice.
Before 2010, Myanmar king Mobile phone ownership rate is lower than North Korea and the dictator A little moreThe Iranian regime discouraged the use of the Internet by spreading propaganda that the Internet is just a place for adult videos. But by 2016, the landscape had changed dramatically, as social media, affordable smartphones, and cheap SIM cards became widely accessible to the majority of the country's population.
Initially, Myanmar entrepreneur Swan came to the United States at the age of 32 to attend the GenAI event hosted by AWS in San Francisco to learn and gain new experiences, and intended to return to Myanmar. However, during its passage, the Burmese army became active Compulsory conscription law, which radically changed the course of his life. This law, combined with the financial instability caused by the actions of the central bank, widespread social and economic injustice, and the country's excessive surveillance system, led Swan to decide to stay longer in the United States. He now hopes to obtain a permit O1-Display To continue his work and rebuild his dream in an environment where there are more opportunities for innovation and development. Although the United States has its own inequalities and internal issues, many foreigners still view it as the best destination to realize their dreams, believing that hard work and innovation can lead to success.
In a conversation for this article, Swan recounted the early days of his startup in Yangon, Myanmar's largest city. Swan and two friends launched an artificial intelligence software company in 2016, a period when Myanmar was undergoing major reforms and gradually increasing its involvement in the global community after more than half a century of isolation.
“Human labor is cheaper in Myanmar than participating in the programmes,” Swan said. “It makes sense for business owners to hire employees at $100 a month and assign them multiple tasks, whether they are on or off the job, unlike a customer service chatbot.” While AI job displacement is on the rise in the developed world, sweatshop conditions and cheap labor costs in developing countries will always outperform AI, at least in places where electricity is limited and democracy does not exist (of course, wages lead Low working conditions in sweatshops also lead to an increase in the number of jobs (a set of ethical issues that must be addressed).
Swan then shared the early difficulties his startup faced, saying, “We spent almost the entire year of 2016 developing the product because we didn't get a single customer. I had a side job and lived with my parents in a rented apartment while the other two founders left to pursue other full-time opportunities.” complete.
Swan, who speaks fluent Burmese and English, said he faced social restrictions while raising money, primarily because Myanmar is an emerging market. In addition, there was a basic social barrier: he had never worked abroad and had a degree from a university in Yangon. Unlike the privileged “kids”, Swan lacked a distinguished background, so his startup struggled to find investors despite generating annual revenues of $300,000 in 2020 and signing deals with more than 1,000 business partners, including multinational companies. Such as Samsung, Unilever, Carlsberg, Nivea, and many others.
If a protocol-based fundraising system like Bitcoin were available to entrepreneurs in the developing world, talented individuals like Swan could scale their startups regardless of their socioeconomic status or whether they have a prestigious degree.
Bitcoin may be viewed as an investment asset class in the developed world or misunderstood as an environmentally harmful technology, but it represents a lifeline, money and access to the global capital market for talented individuals in developing countries who are trapped in an unfair monetary system. Which primarily benefits privileged “entitled children.” These talented individuals do not have the luxury of engaging in the never-ending global debate about Bitcoin. Rather, they are desperately trying to break free from the cycle of economic oppression. Fortunately, under the Bitcoin standard, individuals have access to financial opportunity and freedom, ultimately contributing to a more equal and prosperous global society.
This is a guest post by Win Ko Ko Aung. The opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.