In a world where “talent is everywhere, opportunity is not,” the existing fiat monetary system perpetuates the divide between those with access and resources those without. Even in democratic societies, which have their own flaws, people generally enjoy stable currencies, freedom, and rule of law. These features create an environment rich with opportunities, where a person’s start in life doesn’t have to dictate where they end up. Bitcoin advocate and bestselling author Lyn Alden is a prime example of overcoming obstacles and taking advantage of the opportunities afforded by democratic societies. Her story is not unique; many refugees fleeing war and persecution have found ways to adapt, innovate, and thrive in new lands, contributing significantly to their adopted communities.
However, the situation is vastly different under authoritarian regimes, where a person’s potential is often predetermined by their birth circumstances. Typically, in such places if you’re not born into a family with connections to corrupt officials—in other words, if you’re not a rich kid—your ability to innovate and your entrepreneurial spirit will be systematically suppressed. Under these regimes, the fiat system isn’t based on merit, but rather rigged in favor of such ‘crony kids.’ In the past, when there was neither the internet nor smartphones available, the average individual living in such hostile environments simply accepted the harsh reality of being destined to serve dictators and their family members. Today, however, Bitcoin is emerging as more than just a technology; it serves as a gateway to financial empowerment without compromising moral values. It offers a powerful tool for breaking through many of the concrete barriers erected by oppressive governments.
The experience of Swan Htet Aung (Swan), an AI entrepreneur from Myanmar, demonstrates how Bitcoin can provide a lifeline to individuals facing the harsh reality of starting from scratch without money or family connections. After founding his AI company in 2016, Swan’s startup grew quickly, and by 2020 it was generating annual revenue of over $300,000. Highlighting the importance of Bitcoin in preserving financial health, Swan recalled a pivotal moment after the coup in February 2021. Unfortunately, his choice to keep the remaining USD assets in the banks caused him to lose a significant portion of the company’s financial assets when the Myanmar’s junta enacted an extreme new monetary policy designed to conserve USD for its war machine.
Before 2010, Myanmar had a lower mobile phone ownership rate than North Korea, and dictator Than Shwe’s regime discouraged internet use by spreading propaganda that the internet was merely a place for adult videos. By 2016, however, the landscape had changed dramatically, as social media, affordable smartphones, and cheap SIM cards had become widely accessible to the majority of the country’s population. Initially, Myanmar entrepreneur Swan came to the U.S. at age 32 for the GenAI event hosted by AWS in San Francisco to learn and gain new experiences, intending to return to Myanmar. However, while he was in transit, the Burmese military activated a forced conscription law, drastically changing his life trajectory.
In a conversation for this article, Swan recounted the early days of his startup in Yangon, Myanmar’s largest city. Along with two friends, Swan launched an AI software company in 2016, a period of time when Myanmar was undergoing significant reforms and gradually increasing its participation in the global community after over half a century of isolation. Swan then shared the early struggles of his startup, “We spent pretty much all of 2016 just 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 co-founders left to pursue other full-time opportunities.” Swan, who speaks Burmese and English fluently, mentioned that he faced social constraints while raising funds, primarily because Myanmar is an emerging market.
If a protocol-based fundraising system like Bitcoin was available for entrepreneurs in the developing world, talented individuals like Swan could scale up their startups regardless of their socio-economic status or whether they have a prestigious degree. Bitcoin may be seen as an investment asset class in the developed world or misunderstood as an environmentally damaging 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 ‘crony kids.’ These talented individuals don’t have the luxury of engaging in the unfinished global debate about Bitcoin.
Rather, they are desperately trying to break free from the cycle of economic oppression. Thankfully, under the Bitcoin standard individuals can access opportunities and financial freedom, ultimately contributing to a more equal and prosperous global community. This is a guest post by Win Ko Ko Aung. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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