Part 8/16:
A critical critique comes from the left-wing perspective: that Bitcoin, with its early investors and wealth concentration, could reinforce an oligarchic structure. Bellagio acknowledges this risk but counters that Bitcoin's distribution has already reduced inequality by creating a new class of millionaires rather than consolidating existing wealth.
He emphasizes Bitcoin's ability to check inflation and defend against fiat currency devaluation, which disproportionately harms the poor. Additionally, expanding Bitcoin into Web3 and decentralized protocols could disrupt monopolistic tech giants and democratize wealth further.