Bitcoin recently surpassed the $50,000 mark. The moment was both historic and telling. It was also incredibly sweet. Bitcoin has not only proved doubters like Paul Krugman wrong, it continues to grow in influence and importance. 2021 may very well prove to be the year that bitcoin becomes death, destroyer of fiat.
The $50,000 mark was especially sweet because Satoshi’s creation has been misdiagnosed for years. If French philosopher Michel Foucault, a man who knew a thing or two about misdiagnoses, was around today, what would he have to say about Bitcoin?
As a divisive figure, for every fan of the Frenchman, a detractor exists. Does Foucault deserve a place in the pantheon of great thinkers? American literary theorist Leo Bersani certainly thinks so. He considers Foucault to be a most “brilliant philosopher,” more original “than any other contemporary thinker.” On the other hand, American philosopher Noam Chomsky famously called Foucault “totally amoral,” prone to the wildest of exaggerations.
The truth, one imagines, lies somewhere in the middle.
Though I agree with Chomsky to some degree, Foucault’s ideas are both provocative and engaging. And, more often than not, they carry a great degree of truth.
A proponent of self-governance, Foucault abhorred the idea of bureaucratic overreach. He was especially critical of political and psychiatric establishments. Members of the latter, he believed, were in the business of misdiagnosing and forcibly confining anyone who dared stray from the prescribed path. He warned against a system of diagnosis that could be manipulated for political purposes. Who, he asked, was doing the diagnosing? Were they to be trusted? Were their intentions pure? How “sane” were they?
The Foucauldian Perspective On Bitcoin
How, exactly, can a Foucauldian perspective can be applied to the world of Bitcoin?
Well, for more than a decade, members of the establishment have been misdiagnosing BTC. It has been called…