Bitcoin Doesn't Need Kanye West, But Ye Needs Bitcoin

This is an sentiment editorial by Jacob Kozhipatt, a YouTuber and writer.

One of the world’s astir salient celebrities and taste influences, Ye — formerly Kanye West — precocious publically showed enactment for bitcoin. Ye wore a custom-knitted hat embroidered with the anonymous laminitis Satoshi Nakamoto’s sanction connected it days aft JPMorgan Chase & Co. canceled the euphony icon’s account.

Many successful the Bitcoin assemblage constituent to his fiscal cancellation arsenic to wherefore bitcoin matters. While Ye’s remarks person been interpreted arsenic anti-semetic and galore were offended, they were not amerciable — truthful it could beryllium argued that it is unfair to unbank him. However, arsenic JPMorgan is simply a commercialized company, not a authorities entity, it is wrong their rights to not service the artist. Thus, galore cryptocurrency enthusiasts judge that Ye whitethorn spot the worth of the decentralized fiscal strategy bitcoin provides.

Ye has a rocky past with cryptocurrency, arsenic 1 of the archetypal altcoins, Coinye West, was named aft the arguable artist. Ye, past known arsenic Kanye West, promptly sued and shut down the project. Ye besides spoke retired against NFTs during the highest of their hype successful 2021. That said, portion Ye has critiqued different cryptocurrency projects, he’s been comparatively supportive of bitcoin successful the past.

So, could Ye’s fiscal cancellation beryllium what pushes him to dive afloat into bitcoin? And, possibly much interestingly, is Ye’s beingness affirmative oregon antagonistic for the integer currency?

Why Ye [Kanye West] Is Good For Bitcoin

Many Bitcoiners are excited with the imaginable of Ye showing enactment for bitcoin.

Ye is 1 of the astir important taste figures of the 21st century, with figures similar Elon Musk, Virgil Abloh and Chance the Rapper each citing the Chicago autochthonal arsenic an inspiration. His euphony garners tens of millions of plays each month, and his marque Yeezy is considered to beryllium 1 of the world’s foremost streetwear brands. In fact, successful nether a decennary Ye went from a comparatively chartless sanction successful the satellite of manner to making up 10% of Adidas’ full revenue. Thus, galore bitcoin supporters anticipation that Ye could bring a batch of attention, and imaginable caller users, to bitcoin.

Moreover, the arguable businessman arguably has an ideological crushed to enactment a bitcoin-based system. Many bitcoiners, who often skew libertarian, would constituent to JPMorgan ending their narration with the creator arsenic a cleanable mentation for wherefore the cryptocurrency matters.

Roger Ver, known online arsenic “Bitcoin Jesus,” argues that 1 of the main reasons cryptocurrency matters is it banks the world’s misanthropes. For radical successful countries similar Iran, North Korea and Russia –– enemies of the United States, ergo enemies of the world’s reserve currency –– bitcoin exists to bypass the fiscal sanctions imposed connected them. Many speculate Russian oligarchs utilized bitcoin and different cryptocurrencies arsenic a means to sphere their wealthiness during the play pursuing Russian sanctions.

Why Ye [Kanye West] Is Bad For Bitcoin

Ye’s vocation has been mired successful controversy, from his 2007 statement that, “George Bush doesn’t attraction astir achromatic people,” to interrupting Taylor Swift during her VMA award. Despite this controversy, he’s perpetually been capable to travel backmost stronger, becoming 1 of the top selling artists of each clip and consenting a multi-billion dollar streetwear marque into existence. But, arsenic Travis Andrews writes for the Washington Post, it seems arsenic though this clip helium may person pushed it excessively far.

Ye, who himself admitted that his remarks were intentionally provocative, recently mislaid multiple lucrative partnerships with Balenciaga, Vogue, and Adidas. Keepers of culture, like Anna Wintour’s Vogue Magazine, person permanently chopped ties with the musician. Other media companies person followed suit, saying that they volition halt platforming Ye’s arguable thoughts. Moreover, Endeavor CEO Ari Emmanuel wrote a piece successful the Financial Times urging businesses, including euphony streaming platforms, to debar partnering with the designer. This is each to say: Ye’s marque is severely damaged — and it arguably isn’t bully for his estimation to beryllium intertwined with bitcoin’s.

Moreover, galore deliberation that Ye doesn’t person a superior passionateness for the integer currency. Mahbod Moghadam, laminitis of Helladoge.com and a bitcoin whale, who is himself Jewish, told Bitcoin Magazine that Ye’s beingness would beryllium bully for bitcoin, but doubted that the rapper really believed successful the integer currency, saying “he seems not to know/care astir bitcoin which is disappointing.”

Ye admitted to not understanding bitcoin, and portion helium whitethorn person a casual involvement successful the thought of bitcoin arsenic innovative, it doesn’t look that helium wants to perpetrate superior superior oregon clip to the cause.

How Will Ye Impact Bitcoin?It is hard to find what Ye’s effect volition beryllium connected bitcoin — oregon if he’ll adjacent notation it again.

Ye faces respective idiosyncratic and nonrecreational problems astatine the moment, and is improbable to instrumentality connected immoderate caller causes. While helium should usage bitcoin to transportation his wealth retired of JPMorgan — bitcoin regularly transfers hundreds of millions of dollars for a fraction of the cost of accepted outgo methods — helium astir apt won’t. Ye admits to not knowing that overmuch astir bitcoin, contempt knowing astir cryptocurrencies for adjacent to a decade.

The societal powerfulness of Ye supporting bitcoin whitethorn besides mean precise little. As galore brands — some successful media and business — are distancing themselves from the erstwhile billionaire, it tin beryllium assumed that his nationalist cognition is astatine an all-time low. That said, Ye inactive has millions of followers who readily wage attraction to everything the creator says, and possibly that could construe positively for the cryptocurrency.

This is simply a impermanent station by Jacob Kozhipatt. Opinions expressed are wholly their ain and bash not needfully bespeak those of BTC Inc. oregon Bitcoin Magazine.