The 21st-century craze: Cryptocurrency and double-speak
By Sa’adatu Aliyu
The word ‘craze’ has often veered my mind towards fashion. It’s not uncommon to hear the noise of the latest, let’s say, designer clothing brands or accessories referred to as the “new craze” in town because of how it has people emptying their pockets and savings just to fit in with the vogue purchasing the latest brands.
Well, since cryptocurrency became a household name (to me) at least six years ago, there has been much obsession with it.
For those who are unfamiliar with it, individuals involved in this believe that it was not merely introduced to benefit a larger segment of the global population, but rather created to empower people to take charge of their assets—in the form of their finances. For instance, the “Democratization of assets” refers to a situation whereby individuals have the authority to control their wealth. These same individuals argue that it decentralises their interactions with banks and similar institutions.
Given the vocabulary used to explain this, it’s hard to resist. After all, who doesn’t want to grow wealth “fast” and “more”?
As intriguing as this may sound from personal observation and experience, I would argue that this venture has very little to do with what it claims as its intention. At least, its true intentions seem to have been hijacked by unscrupulous individuals who view this as an easy means of facilitating money laundering or engaging in a classic case of robbing Peter to pay Paul. This means rallying the masses to invest in a venture that ultimately benefits the wealthy more than the impoverished, turning a few into the rich while further impoverishing those already in need. This is unmistakably a form of exploitation that the poor will undoubtedly bear the brunt of. Thus, in the spirit of Marxism, I believe this will only exacerbate the imbalance between the rich and the poor in our society, rather than promote financial liberation, at least not for the latter.
This reflects the reality of many instances I have observed. Suppose there is any reward reaped by those who invest time and energy in this. In that case, it is typically only a tiny fraction of people who have succeeded, most likely by promising others definite rewards if they partake in one training or another that offers the secret to unlocking wealth within the crypto venture. For this group, the lies never cease, and for their victims, they cling to the hope that this one more book purchase, class, training, or crypto platform could bring them a step closer to becoming wealthy.
Consequently, they ensnare people in a cycle of addiction that has driven many to make desperate decisions to “salvage” their so-called wallet or invest further. Among other instances, I have heard of a mother who arranged for the kidnapping of her daughter and used it to solicit donations from the public, which she planned to use to invest in one of these ventures after incurring some losses.
Another story is of a man who invested all his life’s savings while his family slowly died of hunger. Yet, their breadwinner threw the gospel of their action as driven by a desire to create generational wealth or their long-term investment. This is the habit of a gambler, which inevitably reminds me of the character Isaac Solar in the Telemundo programme Price of Fame, who was a chronic gambler who betrayed his family’s famous Music record label due to his gambling addiction, which eventually led him to the killing of his brother Julio Casear.
So, how is the cryptocurrency scenario any different from gambling–only that it is a digitalised form of gambling that has succeeded in throwing everyone into the loop of addiction?
Evidently, the actors behind this have tapped into humanity’s psychology regarding the desire for wealth, particularly in our time—it is the new craze of society that we have come to believe can be earned by any means, thereby keeping us on a constant hamster wheel in pursuit of riches. Our attention is drawn to every word, every instance where money is mentioned, casting doubt on its legitimacy. And I could go on.
So, ultimately, what I set out to say is
People fail to see these mining and crypto-related ventures for what they truly are. To me, they represent another form of gambling, albeit not in the traditional sense we know. Yet, we remain blind to this fact, and even more so, our ears are deafened, as those who have set out to swindle the masses in order to amass wealth for themselves have not only studied the psychology of individuals but have also mastered the art of using language to mislead the world into perceiving this as a reasonable and profitable venture.
All this does to the poor, however, is rip them of their little savings and, of course, their peace of mind. Many have starved their families just so they could invest in something that yields neither results nor returns; they have gained depression after borrowing and pouring all their life savings into ventures, waiting years for nothing. And let’s not even start with the “it’s a long-term investment” nonsense because that’s rubbish.
What happens if the investor dies? Can his or her family retrieve the funds? If I need money urgently, can I access my money quickly to address an immediate need? The answer is a definitive no! At least with banks, I can do all of the aforementioned. Therefore, due to the tendency of cryptocurrencies to fluctuate, which keeps you on edge and causes anxiety, I believe banks are more certain alternatives.
We know for a fact that one of the plagues of the 21st century is the tendency to use language to glamourise the abnormal, turning it into something attractive—the era of double-speak, or what is infamously known as Orwellian language. Where gluttony is called cravings, bleaching is termed toning, being selfish is referred to as self-care, and, of course, in this regard, gambling is portrayed as trading or investment.
Fortunately, few people have gained from these ventures compared to those who spend good time and money but reap nothing over the years.
It is obvious that after investing, there is no way to retrieve one’s capital in case one no longer finds the venture profitable. It is just dormant, so-called wealth that can’t be retrieved. Let’s not talk about how one’s family cannot retrieve their loved one’s investment after his/her demise.
It’s sad that many of us have fallen into this trap. Though I’m no Sheikh or Ustaz, whenever I see the craze over cryptocurrency, these are some of the prophets’ sayings that come to my mind.
There is much controversy about the legitimacy of mining or crypto, which is enough reason to avoid it. The prophet SAW has advised us to avoid anything that is ambiguous.
I come in peace.
A verse of Allah to reflect upon:
(2:275) “As for those who devour interest, they behave as the one whom Satan has confounded with his touch. Seized in this state, they say: “Buying and selling is but a kind of interest,” even though Allah has made buying and selling lawful and interest unlawful. Hence, he who receives this admonition from his Lord and then gives up (dealing in interest) may keep his previous gains, and it will be for Allah to judge him. As for those who revert to it, they are the people of the Fire, and in it shall they abide.”
And the Hadith of the prophet:
Messenger of Allah ﷺ said, “Verily, there is a Fitnah (trial) for every nation, and the trial for my nation (or Ummah) is wealth”. At-Tirmidhi.
Instead of viewing cryptocurrency and its likes as another innovational breakthrough or digital economic revolution, let’s reflect on it from the perspective of the end of times.
Saadatu is a writer and lecturer at the ABU Distance Learning Centre. She can be reached at: Saadatualiyu36@gmail.com
