Classic Finance Sends More People To Crypto Thanks To Pandora Papers

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Last Updated on 7 October 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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I had to check my own files, but as I said back in August (when I predicted that the Chinese crackdown could start another Bitcoin bull run), in the excellent 2019 movie The Laundromat, Meryl Streep, Sharon Stone, Antonio Banderas, Matthias Schoenaerts and many others explained how the wealthy and powerful excel at hiding their dollars, euros and pesos from their respective tax authorities, via various intertwining tales. That movie, still available on Netflix for those interested, was based on the so-called Panama Papers.

It’s 2021 and journalists worldwide have now shown us to the Pandora Papers. Excuse me for the yawn but although I find this stuff fascinating, more people will likely have tuned in this week to see why Facebook went offline for 6 hours than as to why Elton John decided to set up a tax haven construction in the Bahamas. So the wealthy don’t pay taxes, or try to minimize their tax payments, what else is new.

Advertentie.

2008 financial crisis

One thing that is good for the cryptosphere though is that is shows the general public once again that the rules for the rich and famous are not the same as the rules for everyone else. Bankers and financial advisors will help the first class to hide their wealth, even if they include politicians apparently. The second class, aka you and I, are supposed to pay taxes and be happy about at 0.01% interest payment on our savings. No wonder more and more of us are discovering crypto of course.

George Benton, who founded the UK’s first university blockchain society, explained this week how the Pandora Papers will bring good tidings for crypto and the world of Decentralized Finance (DeFi). He stated:

I think that the Pandora Papers story has worsened further the public’s lack of trust in the traditional financial and political systems, which seems to be at an all time low right now.

Bitcoin was born out of the financial crisis of 2008, due to a distrust of investment bankers and central banks. It will be very interesting to see what is created over the next few years as a result of the current situation, especially now that DeFi provides us with the tools to make real change to the way that the financial system operates.

Well, that’s good to hear, now let’s get back to Facebook’s outing of this week.