Younger generations disillusioned by the current financial system and calling for a socialist system financed through increased public spending will force the price of Bitcoin (BTC) higher in the long term, according to market analyst Jordi Visser.
In a Sunday episode of entrepreneur Anthony Pompliano’s podcast, Visser said younger generations, those 25 and lower, are fighting against the rising tide of AI-driven job displacement and economic uncertainty, leading to growing calls to replace the capitalist system with a regime of increased social benefits fueled by public spending.
“The younger people don’t have a belief that the system will come back. They believe the system has been worsening every single year,” Visser said.
“The more people are angry, the more money the government has to print,” the analyst added.”That’s why the price of Bitcoin will not stop going higher, regardless of what people say, it will replace a lot of fiat assets over time,” the analyst concluded.
Analysts continue to forecast and debate the effects of the changing sociopolitical landscape on Bitcoin’s adoption and price, as legacy financial systems and traditional institutions continue to erode.
Related: Bitcoin is ‘bad for dictators’: Human Rights Foundation exec
AI and robotic humanoids to make capitalism obsolete?
The analyst also warned that sufficiently advanced AI and other automated technology such as robotic humanoids could completely undermine the capitalist system by concentrating wealth and permanently reducing the need for human labor, which would force society to reorganize. Visser told Pompliano:
“I started heading down this journey in 2013 about exponential innovation and the dangers it would have on the fabric of capitalism. If you continue to have a divide in terms of inequality, and you continue to have a few people who have most of the money, you will eventually cause problems.
Humanoid robots and self-driving cars will become a widespread commercial reality in approximately five years, according to the analyst.
“When you start bringing Waymo and driving those cars into Manhattan, I think that’s a wake-up call. We had protests from Uber when it was moving across the globe,” Visser said.
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