Reflections from a Deindustrialized Hometown: Finding Common Ground Through Crypto Amid Political Disconnect and Education Polarization

“The culture wars that have convulsed America since the sixties are best understood as a form of class warfare, in which an enlightened elite (as it thinks of itself) seeks not so much to impose its values on the majority (a majority perceived as incorrigibly racist, sexist, provincial, and xenophobic), much less to persuade the majority by means of rational public debate, as to create parallel or "alternative" institutions in which it will no longer be necessary to confront the unenlightened at all.” Christopher Lasch, The Revolt of the Elites and the Betrayal of Democracy

Just recently, I spent a few days in my hometown—a small city in the west of France. As I walked its familiar streets, a profound sadness settled over me. The signs of deindustrialization were everywhere: shuttered stores, dilapidated buildings, and a palpable sense of stagnation. But what struck me most was a subtle yet telling detail. In Paris, even the modests sport the latest Nike sneakers. Here, however, many wore sneakers from supermarket brands, a quiet indicator of economic hardship.

As a child, I remember a place where inequalities were less stark, where the differences between the poor, the middle class, and the bourgeoisie were subtle and unspoken - I like to say the richest guy in the classroom was the son of the dentist. The working class held a sense of honor and pride. Today, these subtle gradations have given way to stark visual markers of inequality - even down to footwear choices. While Parisians of all classes sport Nike sneakers, here, supermarket brands silently telegraph economic hardship. This visceral manifestation of class division echoes through our political landscape, most notably in the recent victory of Trump over Harris in the U.S. election.

This experience made me reflect on the recent political watershed moments we've witnessed—most notably, the victory of Trump over Harris in the recent U.S. election. Though I don't align myself with right-leaning ideologies, I couldn't help but notice a certain sense of vindication. The palpable disappointment, depression and incomprehension of media commentators and key opinion leaders mirrored the disconnect between the "lecturing elite" and the realities faced by the majority. It's as if this elite believes that celebrity endorsements and polished narratives are sufficient to sway public opinion, underestimating people's ability to think independently.

One of the most significant predictors of voting patterns today is education—a phenomenon economist Noah Smith refers to as "education polarization." Education shapes not only our economic opportunities but also our worldviews and values. The rise of an educated class has transformed social structures, creating new hierarchies and divisions.

French demographer and historian Emmanuel Todd offers a compelling analysis of this phenomenon. He introduces the concept of the autonomization of the educated class, suggesting that this group has effectively seceded from the middle and working classes by creating its own set of values and norms.

Todd observes that increased access to education has led to a society where degrees and academic qualifications are key markers of social status. However, this has also resulted in polarization within the educated class itself. Those who graduate from elite institutions often occupy powerful positions, while others with less prestigious qualifications face job insecurity and limited prospects. This internal hierarchy fosters tensions and a sense of disenfranchisement among those who feel left behind despite their education.

Moreover, the educated class tends to develop its own cultural values, often embracing liberal and cosmopolitan perspectives. This can lead to a cognitive divide, where the educated elite's views on globalization, immigration, and economic policy differ significantly from those of the working class. The meritocratic belief that success is solely the result of individual talent and effort overlooks structural inequalities like socio-economic background and access to networks. This "meritocratic illusion" exacerbates feelings of alienation and frustration among those who feel marginalized.

This educational divide manifests particularly clearly in attitudes toward emerging technologies, especially cryptocurrency and Web3. Just as the sneakers in my hometown signal economic stratification, approaches to crypto reveal a deeper cognitive divide between the educated elite and the working class. The elite's perspective on crypto - viewing it primarily as a speculative tool for marginalized communities rather than a transformative technology - exemplifies their broader disconnection from working-class realities and aspirations.

The shock expressed by media commentators at Trump's victory over Harris underscores this disconnect. Many within elite circles seemed convinced that aligning with celebrities and high-profile endorsements would secure electoral success. They underestimated the depth of frustration among the general populace—a populace that feels ignored and patronized.

This isn't just about one election; it's indicative of a broader trend where large segments of society feel left behind by globalization and its corollary deindustrialization. The working class perceives an elite more interested in virtue signaling than in addressing concrete economic and social issues.

A striking example of this disconnect is how emerging technologies like cryptocurrency are presented to marginalized communities. I recall when Kamala Harris's political program included facilitating crypto investments specifically for certain groups. Initially, I thought this was a joke. It seemed to perpetuate stereotypes—that marginalized communities are primarily interested in speculative ventures, gambling or, worse, predisposed to illicit activities.

This perspective is reminiscent of French President Macron's comment that he'd rather see youths in banlieues working for Uber than engaging in unlawful activities. Such statements reveal a limited vision for the potential of these communities—a vision that confines them to low-wage, precarious jobs rather than empowering them to be innovators in emerging industries.

Viewing crypto as merely a speculative tool for the marginalized overlooks its broader potential. It reduces a complex, transformative technology to a get-rich-quick scheme, ignoring its capacity to democratize finance, disrupt traditional systems, and foster innovation.

So, what does this mean for Bitcoin and the broader crypto industry?

As I often say, when it comes to fashion, trends start in Paris and spread globally. In finance and technology, innovations typically originate in the U.S. and then permeate the world. Trump's victory may signal a shift—a resurgence of techno-optimism and a push towards liberalizing technology, potentially fostering an environment more conducive to crypto innovation and Web3 adoption.

Historically, significant political and socio-economic revolutions have emanated from the U.S.:

• The 1970s saw a revolution of morals and the liberation of youth culture.

• The 1980s brought the neoliberal revolution under Ronald Reagan, reshaping economic policies worldwide.

We may be on the cusp of another paradigm shift, where emerging technologies like crypto and Web3 become catalysts for societal change. Unlike previous technological revolutions driven by established institutions, crypto represents a grassroots movement embraced by people across different backgrounds.

Web3, crypto, and Bitcoin might offer an opportunity to rebuild common ground between the educated classes and the working classes. After a long period without a shared platform, these technologies convey a specific Weltanschauung—a comprehensive worldview or philosophy of life—that transcends traditional class boundaries. This shared vision presents a chance to transform the world in ways that could benefit everyone. Unlike previous technological paradigms, crypto's Weltanschauung embraces decentralization, individual sovereignty, and collective participation, values that resonate across social strata.They offer the potential to make our society more dynamic, democratic, and technologically advanced.

By engaging with these new technologies, individuals from all walks of life can create opportunities and contribute to the evolving economy. It's not solely about speculative investment; it's about participating in a movement that values decentralization, transparency, and inclusivity. A movement that is trying to find a solution to the over centralization of the economy and that aims to fight against the techno capital oligarchy. 

For the educated class, it's an invitation to step outside their echo chambers and recognize that innovation and progress aren't confined to traditional institutions. Dismissing crypto because it's perceived to convey non-progressive values overlooks the technology's potential to address systemic issues. Some in the educated elite view Bitcoin skeptically, associating it with libertarianism, lack of regulation, or disruption of traditional financial systems, which they believe might undermine social welfare mechanisms and regulatory protections. While these arguments hold surface validity, they crumble under deeper scrutiny.

Crypto can serve as common ground—a platform where the educated class and the working class can collaborate, innovate, and build a more inclusive future. It's crucial for both groups to engage with this technology:

• For the Working Class: Crypto offers tools for financial inclusion, new job opportunities, and a way to participate in shaping the economic landscape.

• For the Educated Class: Embracing crypto can help bridge the cognitive divide, fostering understanding and collaboration with those who feel marginalized.

By coming together over a shared interest in technological advancement, we can begin to heal societal rifts. Crypto isn't just a financial instrument; it's a movement that encourages participation, rewards innovation, and values community.

The future is shaped by the choices we make today. Let's hope the educated class will stop morally despising the working class for its so-called hazardous political choices, much like they disdain Bitcoin due to perceived ideological differences. If the educated class doesn't reflect on this attitude and continues to fight for an economic status quo, it risks losing its relevance and could face backlash. An unwillingness to understand and engage with emerging movements and technologies may lead to increased division.

By embracing crypto and Web3 as common ground, we have the chance to transform the world together. It's an opportunity to make our society more inclusive and forward-thinking. The path ahead isn't predetermined by the actions of a few—it depends on our collective willingness to bridge divides and work towards common goals.

First image: Before the Internet by Kelly Puissegur