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Will CBDCs destroy the crypto market or make it stronger?

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by COINS NEWS 164 Views

I'm concerned about this impending CBDC that seems to be looming on the horizon. As of now, 87 countries (which make up over 90% of the world's GDP) are considering launching their own digital currencies, which you can see here on this handy little CBDC tracker: https://www.atlanticcouncil.org/cbdctracker/

Fed Chair Jerome Powell, in effect, said a digital dollar would crush private cryptocurrencies during a congressional hearing last July. "You wouldn't need stablecoins; you wouldn't need cryptocurrencies if you had a digital U.S. currency," This is why the government is so terrified of stables; it directly threatens their intentions with a CBDC.

Last month, Biden issued an executive order calling on government agencies to research and design a digital dollar prototype as a way to reinforce America's financial leadership and protect "national security."

Greg King, the founder and CEO of Osprey, argues CBDCs would spark a backlash over privacy concerns and push more people into decentralized private cryptocurrencies.

β€œImagine the world’s fiat currencies are digitized. I actually think that pushes more people into something like a bitcoin because, frankly, that would give governments even more control than they already have around their money supply, and a lot of people get into bitcoin for concerns about that type of control.”

Unpopular opinion, but one of the saving graces is that tons of institutional money is flowing into crypto, and the government gets A LOT of money from institutional lobbyists. I can't imagine the government wants to squeeze these cash cows that they subsequently end up bailing out when they overleverage.

It's going to be interesting, to say the least, to watch this all unfold. I, for one, am not interested AT ALL in a CBDC.

submitted by /u/ipetgoat1984
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