Topic: Can Bitcoin Reduce the Global Wealth and Income Inequalities in 2022? (Read 423 times)

More like a back up and plan number two to replace bank's in turbulent times and when crises occurs, take a a view at Ukraine, they are now making good use of Bitcoin all because bank's have been shut down and no longer available during wars.
It is more of a faster cash than the local fiat humans use daily, can we say it is a tool used.

not equality skilled
not equal on opportunities
not equal on knowledge
not equal on country conditions
not equal on risk taking
not equal on making decisions

Equality could never happen on this world.There's always those people who would be sitting on the top.
The more money they posses the more power that they do have since they could do things all they want.

The only way for "Bitcoin" to close the gap between the poor and the rich, is for poor people to buy bitcoins when the price is low and then to sell for a large profit when the price reach a new all-time-high. The problem is.... most poor people live from hand to mouth to survive, so they do not have the disposable income to buy bitcoin. (even in small quantities)

So the solution is this.... Rich people should help to create "online" jobs for people to be paid in bitcoin to enable them to earn bitcoins. Why would rich people do this? ===> Answer : When the Middle class is gone.... guess who will have to pay all the taxes to support the poor! - The Rich people...

I think the main reason why there is never going to be equality is that people are not equally skilled, even if you were to give the very same education to two different kids you will get two different outcomes, and while one of them develops incredible and valuable skills the other will not have the same accomplishments, as such it is obvious society in general will appreciate more the skills of the first kid and reward him with more material possessions.

You are when you said never say never but there is something that will never be possible if we want to be realistic.
Even in the next 300 years which you mentioned there will never be total equality and this is because of human greed and lust.

No because helping others is not part of the Bitcoin protocol.
No because most humans don't want to give away their money willingly.

Bitcoin redistributes wealth to a different demography and takes the monopoly away from the governments.

No, it can't bitcoin is just a new medium of transaction. Bitcoin isn't some charity scheme in which it will distribute free money to all the wallet holders, you still will have to earn bitcoin by doing some of the other hard work. It might open a new area of opportunities but so did 3D printing created opportunities and so did the invention of computers. So it's not that bitcoin is doing something different. But yes one thing I agree with you is that there is a lot of income disparity between the rich and poor in the world these days. Riches are getting richer and the poor people are getting poorer each day.

I guess not in the next 100-200 years for sure... But never say never! I think people will evolve eventually, probably after some crazy big disaster of some kind (and there are numerous threats around)... it's how we people learn, it needs to hurt a lot before we start changing the way of thinking!

Listen to this fact.
There will never be total equality.
Bitcoin is an innovative currency, yes but it's not the answer to everything.
People need to understand that Bitcoin being decentralized and no censorship doesn't mean it will reduce income inequalities whereas income level of people depend on individual skills and how they welcome new opportunities. Bitcoin purpose was to serve as an outstanding currency and liberation but you cant expect Bitcoin to do the job for you when you're not helping yourself.

What we should aim for is for everyone to have some acceptable living standards and the possibility to raise them if they work hard enough, trying to redistribute the wealth by force or with taxes is never going to work, because those at the very top which know how the system works can always avoid those measures, while those which do not have a lot of resources but which are more skilled can always accumulate more resources thanks to their superior skills, so a society in which everyone has exactly the same amount of wealth will never happen.

you won't blame some people for their analysis for cryptocurrency. Some of them make fake research and the fake research will be misinforming them. Instead of saying that Bitcoin will make means of solving problems and bring the world to the light, they are busy using indirect ways to bring than the cryptocurrency values. I believe that with bitcoin values you can escape from massive poverty. Many people find a goal of opportunities through cryptocurrency and some countries boost their economy with cryptocurrency. With something bitcoin brought, it means that bitcoin is helping hands to global health.

Rich is getting richer because they do not suffer from the inflation mate. They are crazy hard workers or smart workers who will always carry out exercises to overcome the inflationary problems. They will have the To-do-list ready all the time, perfect financial management skill, and power to hit the tasks like inflations.

On the other hand, poor would always go nuts in such situations. They could also overcome these problems but rather they would keep knocking out their luck, their conditions at the time etc. I believe its not rich vs poor these days. Its about smart worker vs dumb worker. Getting rich is not an easy task otherwise equalities would have ruled the earth by now.

I've had the same thought myself.  I wonder, what does Michael Saylor (or anyone else) expect to accomplish by hording bitcoin?  Without actual usage it could very well become useless as people get bored with the routine of holding it for no particular purpose.  I bring up Michael Saylor because, 1. he's uber rich and 2. many people consider him to be super smart.  I won't say he's stupid, but when he says things like "bitcoin will be around for thousands of years" I can't help but  question the thought process of a person who compares something based on an invention that is not yet 100 years old (computers) to something that has actually been around for thousands of years (gold).  But then it occurs to me, in spite of my belief that bitcoin is not a ponzi scheme, that doesn't keep others, like Saylor, from using it as such.  It seems to me that is he, or any other bitcoin enthusiasts with means, truly believe in it as a currency they would be investing in or creating a viable bitcoin eco-system.  With the gift of El Salvador's decision to make bitcoin a legal currency you would think these rich folks would create contracts with say, coffee farmers, to buy their coffee at a specified bitcoin value that is not (entirely) based on the US Dollar, and have said producer pay workers in bitcoin, and to also contract with vendors in the area to accept said bitcoin from the local workers, all at contracted and predictable rates.  Possibly create a colored coin and use bitcoin as the backing. This is what would give bitcoin a value of it's own, and make it so much more than a mere instrument of speculation that so far has really only served as a transporter of the value of other currencies.

It so happens that several weeks ago, when I first explored this line of thinking (legal currency in El Salvador + a product everyone loves that is already created in El Salvador = bitcoin coffee ecosystem) I actually come upon a website that did such a thing.  The website was not very sophisticated but I called the number on it and left a message.  It turns out the website was not even supposed to be live!  HA!   Well, I ended up buying a few pounds of their coffee to support what they have going on.  I really don't know much about their operation, but it sure seems like they could use a little more financial backing for their efforts, or maybe I'm superimposing my above fantasy on their operation.

I would really like to see bitcoin be the censorship resistant, decentralized powerhouse of a world currency many of us wish it was, but along the lines of what hatshepsut93 pointed out, there is just too much greed behind this game.

Inequality like this will obviously get stronger, especially in terms of opportunity and sometimes this is always something that is quite difficult to enforce.
When the rich have the next generation, it is clear that it will be easier for their descendants because indeed they will be facilitated by existing facilities and greater opportunities than previous supporters and it is different when the poor have successors. Instead of trying to make something good, this sometimes adds to the burden for some people who are quite difficult, so that sometimes poor people are taught hard to earn money.

That the rich gets richer and the poor gets poorer is logical. The rich has the resources for further development and progress. The rich could create more and more businesses because they have the capital. They could explore new innovations and earn big from them because they have the money to begin with.

The poor on the other hand will have to face an uphill battle. A poor kid can hardly finish school. So he/she can hardly get a better job. With a poor job, he/she can only earn little. And the cycle continues, if not worsens.

Bitcoin can hardly fill this gap. The inequality that Bitcoin addresses is more about access to financial services. Majority of the unbanked are poor. Bitcoin provides them the opportunity to create a savings account, a better one at that, albeit not in fiat. Bitcoin could also be of help in many other ways; as a cheaper remittance option, for example. But I don't think it can really make a significant difference in terms of global wealth and income inequalities.

That social malady, which is as old as time, may be too big and too complex for an orange pill to cure.

Dreaming of having equality in the world is good thing - but it is an impossible thing too.
The power will remain in the hard of the elites in the society - why would they want to have an equality in the society.And on the other hand it is not possible. Absolutely impossible.

Becoming millionaire would really be having that chance for few people but its not for everybody because not all did make the same investment on where these people had done.Inequality cant really be solved out

even by Bitcoin.Yes, it did really changed up some lives but only into a few comparing it into the entire population which do suffer out from poverty or being poor.Therefore, chances and opportunities in the market
will really be entirely be depending on how someone would really be make out some dealings and actions had been made towards it.

Dont expect for it to happen something like equality yet its not really something that could be patched up or make it happen considering that there would be always those people who are on the top of the chain.

There's a huge difference between income and salary maybe OP got lost in translation or someone I don't know? Salary is different and this is the problem with working so hard then there's this inflation of almost everything but to your salary there has no change. How come they would expect someone to work like normal when almost everything is getting expensive? I think having Bitcoin would be easy if you could just hold them for a certain period and you just sell it then you earn a good profit but that doesn't change the fact that almost everything is still expensive and getting less with salary.

It is definitely impossible for Bitcoin to reduce the global wealth and income inequalities between both the rich and the poor this year 2022 or ever, but if you say Bitcoin can help eradicate global poverty, then I will agree with that, because if you could take a look at the year, you will see we are already in the second half of the year and yet Bitcoin still struggling at the resistance of slightly $20,000 below and above. And one thing about Bitcoin investment is that the higher the capital, the more the profits, and the rich are already on the edge of having huge capital, which places them always at the top of the food chain

And this is the thing, at an individual level a new market can bring a lot of money to those that did not had any, as there are many stories of people that became millionaires in this market and that have accumulated a level of wealth that would have been impossible for them to get otherwise, so bitcoin can indeed help a certain amount of people as long as they have enough skill, however bitcoin and this market in general cannot help everyone as it was never the intention behind the creation of this market.

Wealth and income seems to follow the Pareto distribution. Logically the rich will get richer as they are the first to have access to investment opportunities, new more productive technologies, etc. while the poor ones fight for their families survival. So one part is working mainly for basic necessities while the other is investing time and money to produce more of it.

In order to solve this problem, I think the very wealthy should invest a good part of their income for the betterment of the societies, not just for their self-interest. In other words to look at other kinds of return on investment not just at money. For example education has the highest ROI but it only makes its returns visibile in about a decade or so.

Furthermore, money needs to circulate, not to stay blocked in a bank account. Value needs to be unlocked in order for our society to advance. But unfortunately we also need competent, ethical leaders which the majority of the countries lack. Most of the politicians are greedy and lack the moral values required to make a society prosper.

Not really. Even in crypto rich people will get richer.
But if you are smart you can make anyway some good money.
I'm personally not aiming to be a millionaire but I made some good money with bitcoin and crypto in general.

I thought I would be the first to say this.

Yeah, on the individual level, even the people considered as poor could spend $50 on a highly speculative altcoin and get lucky. We've seen this happen already in the last bullrun alone (DeFi/Meme token pumps). On the global scale, it doesn't change the situation that much because middle and high income earners still benefit the most whether it's bitcoin or altcoins.

Honestly speaking, I don't really think that bitcoin will bridge the gap of inequality. I think it's more on stretching the gap between the poor and the rich wider than before because of this innovation for financial independence.

As you can see, majority, if not all of investors in bitcoin either are initially well-off already or does really have the capacity to invest because they have spare money to use. Because if we will define poor, most of them are really struggling to survive even on the daily basis. Hence, most of them will not really think about investment and saving for the future or the hard times because it is already a hard time for them. Instead of putting their money in any type of investment vehicle, they'd rather buy necessities that would help them survive the day, weeks, or months.

This is the sad reality. People who are poor do not really have savings or investment for their future or retirement because what matters to them is that they will survive the day and will satisfy their hunger and thirst. They are living paycheck to paycheck with little to none and even having negative balance due to debts. And then they'll just worry about tomorrow when it's already there. It's really a tough time for those who aren't privileged enough. There are few lucky ones who managed to get out of poverty line, but not everyone will have the same opportunity as them, so we can't really expect other poor people to achieve the same.

Nothing to do indeed and even more ... it's like mission impossible to make such things equal , all equal no of course you cannot do that.
There will always a poor and wealth ... yin and yang , balance baby.

If you look at how people in crypto space getting the fortune as the parameter then it's a total incorrect.

No matter what - nothing will be able to reduce the global wealth and income inequalities.
Who would be master and who would be slave if there comes equality in the society. This seems like a dream which is impossible ofcourse.

Kind of ironic, isn't it? Bitcoin has helped a few become exactly the ultra-rich elitist that just helps widen the gap.
And even ignoring those few, Bitcoin won't be able to somehow make just the poor middle class and the middle class richer without also making the ones who have enough money to throw thousands of dollars at BTC even richer.
I really don't get those threads that still cling to some hope of wealth redistribution over and over and over.


To transfer large sums of money via BTC you need large sums of money in the first place to buy those coins, and poor people don't have those large sums of money, and far more importantly, the 6 billion who live paycheck to paycheck really don't care that much about sending and receiving daily millions across the world.

Bitcoin does perfectly what Satoshi designed it to do, all the rest is just things people want to believe BTC could be capable of if all the stars align.

Thanks to bitcoin's trustless format, it doesn't rely on wage based employees or bank managers who are trusted to monitor and run day to day operations. This shift in design translates to greater efficiency. Which in turn equates to large sums of money being transferrable across the world at lower cost.

The single area of grievance has been transaction time. But that has always been a bit of a misnoner with classifications. Bitcoin was being compared to credit card companies, when it functions closer to a credit union or bank that takes multiple working days to complete transactions.

While bitcoin's performance hasn't been ideal with large institutional traders buying and selling it like a stock. And tying its value to indicators and variables that are wholly unrelated to its function. There is still a chance bitcoin could deliver on its potential.

It is a very strange scenario. In that many don't seem to care much about the underlying mechanics behind innovations like bitcoin. They only know if the price is going up or down. And don't seem to care much about the motives or conditions behind it.

For bitcoin to truly thrive people must know more about it from a design and engineering perspective.

As you yourself say, Bitcoin is not something that ordinary people recognized from the very beginning (2009), but they started to be seriously interested in it only after the first big bull run when the price reached $1000, and even more during 2017. Therefore, it is unrealistic to expect that Bitcoin can change something in a global sense, but it will surely help many people on an individual level to survive more easily until some better times.

Of course, there should be no doubt that Bitcoin is the reason why some people are millionaires today, or will become so in the future - but these are only exceptions. Most research leads to the conclusion that around 5% of people in the world are connected to Bitcoin in one way or another, and very few of them can be called successful.

This is a mentality we all have to stand against and fight, why must it be a circle within a specific set of people and we also show that we lacks the power and strong determination to penetrate into their circles, why? Is it fear or intimidation, when we don't even know our right how then can we fight for it, the fact is that we have in many ways accepted failure and defeat right from time and this mentality of how can we go against it created the fear we all had today.

I do believe Bitcoin/crypto gives people chance and opportunity to grow their wealth outside the traditional norm which is being locked away for a lot of them. But then, lack of knowledge about the thing could hurt and make them poorer too. So can it still help to reduce the global wealth and income inequalities? It's really up to people to govern their own fate, to become richer or poorer, but at least it provides people with chance and opportunity.

Potentially but more so true for places where the currency is destabilized and devalued at the whims of corruption.  Example, let's say you have a regime change that forces a new currency with a trade in value of 70% of the original.  Basically you are forced to trade it in because @ x date, the currency will no longer be accepted.  In a case like this, bitcoin can provide an opportunity to preserve and increase in value what you already have instead of losing 30% off the bat.

Through btc! I sincerely doubt that, the gap between the haves and the haves not is very wide, btc even at this current price is expensive to many middle to low income earners, and for you to effectively gain a reasonable profit from btc you have to buy a good amount of it. And by the look of things, not very many people can afford 1BTC let alone several.
Now if you say alts for instance, perhaps the possibility is there, if you are lucky enough to get your hands on some alts that end up going x100 then you are made. Income inequality will no longer be a thing for you. 

Rich people could even get richer in crypto because they have bigger assets and could invest bigger in Bitcoin. Rich people are risk-takers and they're open-minded when it comes to any type of investment so as we, poor people invest in Bitcoin, they also have invested bigger in it. Bitcoin couldn't change the gap between the rich and poor because rich people have bigger opportunities and they're more capable in all aspects of investment.

This is a story that has been happening for centuries, it is nothing new. Unfortunately the rich are able to buy power by influencing politicians to protect and expand their empires of wealth. It takes a very strong and developed system of government to be able to withstand such pressures, but even the best governments can be chipped away at by greedy people conspiring. It requires constant vigilance and adaption by politicians to be able to fend off attempts to benefit the few at the expense of the many. Countries like Finland managed to come up with a great scheme, the sovereign wealth fund, which allows them to wield a large purse of oil money for the benefit of their people and they are less susceptible to waive ring from hard decisions.

They say that bitcoin have failed to become a hedge against the inflation, I think that is because its value have dumped a lot. It's okay if there are inequalities in this market because those who owns large number of bitcoin can sometimes pump and dump this market and if we are smart enough to know what to do during that situation, we can use that as our own advantage.

Definitely that many people cant buy a one whole bitcoin but they can always buy in smaller portions right after every dump. If they keep doing this, it's possible that they can accumulate 1 btc  in the future. The good thing about btc is that it's volatile which means that those who are late will still have the chance to enter and change their lives for the better.

Not sure if we're on the same country but this is also the case on my country whereas the income of any or most employee does not have the same proportion on the cost of living.

In regards with your question, The answer would be no, as everyone has the same access to cryptocurrency however not everyone are capable to invest unlike rich people. There are people who came from a low income that was able to get rich due to investing in crypto.

I doubt that in a time of crisis and huge price increases, poor people will be able to afford to invest in bitcoin, thereby laying the foundation for future competition with the rich. As hatshepsut93 rightly pointed out, their goal is to survive, not to increase their income. So at that time, even if the rich lose, given the fall in the market, the poor will not feel less disadvantaged either. In addition, one can say that poor people are much less educated, and thus they are simply deprived of information about things like bitcoin.

Very well said, not all does have the opportunity on dealing or able to engage on things that are online not only limited on crypto but also in other opportunities as well
which its true that this doesnt really connect or bridging this gap if we do talk about inequalities because this is something that cant really be easily resolved out.
There are rich people and poor ones and that situation wont change thats why its better to mind off on your own personal situation in terms of finances on how
you would make yourself even more better in standards of your living and dont think off about inequality resolved because of Bitcoin.
It cant just be possible.

Bitcoin can do nothing to bridge this gap.
Bitcoin has become just another asset. Sure it made a few people rich, but they were already in better condition(they had an internet connection and a PC + literate enough) compared to someone who's illiterate and thus will never have an opportunity to improve his condition.

The answer to this question lies in the realm of politics(or sociology) not economics.

Definitely, BTC is not invented for this because the purpose of BTC is actually against the government and that could affect the economy but with the current situation that we are into, the income inequalities can’t still be solve. BTC is not for everyone, only those who understand this can at least have the chance to make their life better, it will always be our choice. BTC is a good alternative though, adoption might also increase in the future.

No it can't. It can't solve such complex, intricate and interwoven economic and social problems that have been around for probably the whole of human history. It can be a part of the solution, but definatelly not the solution itself. It's a tool, not the answer.

It could but it probably won't because of the reluctance for the lower class to throw away their government's currency in support of Bitcoin. I do not foresee impoverished countries using Bitcoin and this is usually where the income inequality exists. Government corruption/lack of education are two of the leading factors of reduced wealth in any single country and Bitcoin is not going to solve a broken democracy through inherent use alone. It may serve as part of the solution, though.

Well, honestly that's what it looks like now and for a long time. There is no time for them to take care of the investment world when the fulfillment of their needs is still very lacking and they have so many basic needs that must be obtained immediately. In fact, in the field, we see this kind of phenomenon, where the boundaries of equality are completely transparent. I'm observing it from the perspective of the residential area. The paradigm of society is reluctant to recognize Bitcoin investment because of the uncertain price, volatility and risk and there is no guarantee that they will completely survive the market crash.

I do not think that bitcoin was created to reduce the wealth gap. I mean the idea is to create a decentralized and fair playing field, which means that yes there is a chance that people who screw up at the top, will go down, and people who did awesome at the bottom will go up.

However, that doesn't mean that it has to happen, it could be rich getting richer thanks to bitcoin as well, and poor staying poor because the returns are not gigantic to turn your few hundred into tens of millions of dollars, not anymore at least. Which is why I believe that it is definitely better method than fiat, but not the purpose and since it is not the end goal, it won't probably be a focus on anyone.

Honestly I think what bitcoins can do is take the higher middle class to the rich class which means that they do have enough money to invest in a currency like bitcoins but for people who are either lower Middle class or poor they won't be able to benefit from it because at the end of the day they won't have enough to invest and loose an well which also means that it is adequate for the people who are able to take the losses !! Just because they are not early adopters the negative influences are much more worse for the moment therefore I think there can only be few chances of them being able to push the money market.

I don't think it is bitcoin's duty to bring justice to the world. Bitcoin isn't about that. Bitcoin is about financial freedom, being your own bank. Moving, spending money without needing a permission from an authority. Inequalities will always happen and it has nothing to with bitcoin. It is just how the world works. Some people are rich and some are poor. This will never change and it don't have to change. If everybody had the same amount of riches, we would be living in communism.

Bitcoin isn't a political tool. It only needs to work as a network and that's it.

Bitcoin was never designed with that intent, bitcoin is just a tool which allows us to exchange value over long distances without the need of a bank or a government in the middle, it is a revolutionary concept but it is not going to help to solve income inequality or anything like that, the only way to do that is with education programs and through companies which offer jobs which pay fairly to their employees, and even then there will always be some level of inequality as there are people which are simply better at earning money than others.

Bitcoin can be a relief asset to overcome inflation. But the way it has been dealing with the market most of the BTC will be in hands of big corporations and few individuals. This will worsen the inequality even more. Some people made luck in BTC by joining early but before the mass adoption, 99% of people on the plant will not be able to buy 1 BTC from the market. Its price is already unreachable price for most people.

I don't think bitcoin can help here to reduce the wealth inequality in any way. It will always remain the same. Think about it from a different perspective.

Riches can buy high end minkng rigs and can pay for maintaining the mining facility. On the other hand, an average Joe won't even think of mining due to the high setup cost. So even in bitcoin market, inequality exists. It can't solve global issues.

For me, Bitcoin cannot reduce inequality because it is not the direct answer to poverty.  But for those who better understand its usefulness, there will be a change in their lives if the decisions are made according to them.  The poor cannot buy it because these so-called poor have only enough income for basic daily needs, sometimes or often even sorely lacking.

A citizen will only remain poor if he accepts that he is only up to that point, there are many more ways to get out.  So the opportunity to gain knowledge of Bitcoin should not be wasted especially if it is within reach.  But the government must also do something in their constituencies to make it a priority to help those who are marginalized because they are the ones who need it and address their grievances.

Why? What's the reason "the rich are getting richer and the poor are getting poorer?"
Is it because of the economic system? Monetary system? Or because the rich use their money better and have more opportunities?

How a simple BTC can solve this problem? Do people magically create wealth after installing electrum?

You see.. a complex problem needs a complex solution.

That is not news because it is pure political propaganda, not news. The world is more economically equal today than it was 100 years ago and much more equal than it was 1000 years ago.

And what the propaganda does not count is that someone with a low income, especially in first world countries, lives much better than their ancestors, but by far.

All this propaganda seeks to make people willingly accept that the solution to the problem is for politicians to make socialist policies, if not outright communist.

It is looking as the inequality in the economy is increasing. Before this time I felt it will take care of that because of the investment opportunities that bitcoin is having but the investment isn't that going straight especially that the price fall without a definite price that it will get down to. Investors don't know if the bear is over or not and for the fear of losing greater amount of their investment, they sell in fear and taking some loses that affect the inequality state already but the rich can afford holding on because of other sources of income and wait for bitcoin bull and get increased profit at ATH. For profiting in bitcoin, you have to have a longtime plan of which the rich can afford but the poor can't easily and this keep widing the inequality gap.

This is one of the most honest comment I have ever encountered. The poor are more concerned with satisfying their basic needs and not usually interested in investment. The high rate of inflation is making the currencies of most developing nation worthless, thereby reducing the purchasing and investment power of its inhabitants. The gap between the rich and the poor would keep widening until there is stability in the global economic space. But we cannot doubt the possibility of some few poor investors that would take every risk and suffer all forms of pain to ensure they invest in Bitcoin. One of my neighbors had to home-school their children to ensure they invest with the school fee savings.   

Equality could never happen on this cruel world on where only rich becomes even more richer and to those who are in middle could barely make out some huge investment not only limited to crypto but also
in other markets as well.

If general speaking, it could really solve out some few numbers of personal who could make their lives more convenient and easier in terms of finances but of course if they would able to get in
when the market is still on dips and it suddenly booms out.

We know that this isnt for everybody where only a few could really make out some significant amount of investment which could potentially changed their lives
and the majority would be still playing on that inequality that we are talking on here.

Bitcoin is probably increasing the inequality, because rich people and middle class can afford to invest into risky assets, while poor people can't afford to invest in anything, or are too risk averse. When I read posts that tell people to HODL and never sell their coins, I get the impression that people who make such comments don't know what true poverty is, when you have to borrow money from friends, family or neighbors just to buy food. So I would assume that Bitcoin community is dominated people who aren't considered poor. So when Bitcoin skyrockets, it's an example of "the rich get richer".

Early adopters or not, the wealth/income inequality can be reduced by crypto even this year if the people who are experiencing inequality have made smart investment choices with whatever finance they had on ground and bought the dip, or buy this dip.

But the hard truth is that most persons who are really facing this wave of harsh economic situation, barely have enough to feed, talk less of having enough for investment purpose. As a result many "not rich" persons may find it impossible to even buy bitcoins now the prices are low...so in conclusion, we may not experience much change in wealth/income inequality from bitcoins alone this year, there has to be a general improvement in the economy for real reduction in wealth/income inequality.

It's a hard knock of life that we live in. Inflation everywhere with price of goods steadily on the rise and we don't see workers salary or wages increased. Except for slightly in rare cases but not significantly.

Talking about bitcoin reducing wealth inequality that exists between the classes in our society with respect to social stratification. I would say, NO! Bitcoin might play a role in ensuring that individuals with certain skills becomes engaged and paid with BTC as a base currency but, that's in the event that you work or offer a skill in exchange for payment. Same could apply for working with fiat.

What we have to realise is, there is an equal opportunity in the crypto field and is basically based on who keys in. Should one party key in while the other doesn't, the individual investor enjoys the benefit it offers. Having both parties to key in, they enjoy as due too.
Hence, your ability to offer something, be it goods or skills could do this and not bitcoin itself. Bitcoin is for people of every status.

It is no longer news that the rich are getting richer and the poor are getting poorer. And it is not just happening in LMIC countries but even in developed nations. The wealth and income gap has increased. There's really no middle class anymore.

According to this report by the the World Inequality Lab,

In the country where I reside the prices of everything are skyrocketing but the income remains the same year to year. Is it still possible that in 2022 Bitcoin can help reduce this wealth and income inequality? Bearing in mind that most people were not early adopters.