Open Your Eyes You Can Lose All the Money You Put Into Crypto; It’s Based on Nothing (ECB President)
Europe is trying to regain control through Central Bank Digital Currencies, and America is not too far behind.
Source — Commons Image Wiki Media
Money is the ultimate form of control.
People’s trust in centralised entities is dwindling.
Every time a government official talks about CBDCs, it’s like a PR event for Bitcoin. And it unintentionally contributes to fuelling interest and adoption of Cryptocurrency.
A Central Bank Digital Currency (CBDC) is digital money created and regulated by a country’s central bank.
It’s a currency that works electronically, just like the money we use online or on our phones. But instead of being managed by private companies or banks, the CBDC is controlled directly by the government.
I’m no conspiracy theorist, and I realise Governments need our trust, so I can’t see us having social credit scores or controls on our money where we have to “use it or lose it”.
Given the money-printing debacle following a bat virus outbreak, people have valid concerns. And as we’ve seen in the past, politicians have shown themselves capable of interfering in your private affairs.
Heck, if they can justify telling you how many of your family and friends can sit at your dinner table on Thanksgiving, you sure as hell know they can conjure up something when it comes to money.
We never used to blink an eye at any of this stuff. No one cared. Then two planes flew into the Twin Towers, and the US government rightly increased surveillance, introducing stricter and stricter rules around monitoring “Know Your Customer” (KYC) and anti-money laundering (AML) to eliminate and trace money used for terr*r*st financing.
People found themselves under increased surveillance, and their distaste for it grew. Your everyday, law-abiding person prefers to avoid being monitored by governments who say they have our best interests.
Christine Lagarde, once a prominent French lawyer and politician, has now assumed the role of President of the European Central Bank.
She’s on the warpath of a cryptocurrency smear campaign with a CBDC sales pitch that’ll make you want to puke.
Let’s dive into it.
People’s Opinions Regarding CBDCs Are Pretty Revealing.
Of the few studies done on CBDCs, the early sentiment is cynicism.
While governments see CBDCs as the future of money, many Americans have reservations, and it’s reflected in the data.
The Federal Reserve sought public comments on its CBDC discussion paper and has received 2052 comment letters addressing CBDCs.
The Fed published these comment letters on its website for public access.
The results are fascinating.
A significant majority of commenters hold a negative view towards CBDCs. More than 66 per cent expressed concerns or outright opposition to implementing a CBDC in the United States.
The most common concerns revolve around financial privacy, financial oppression, and the potential risk of disrupting the banking system.
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Lagarde’s Proposals for CBDC and Cash Limits Are Shocking.
There’s always this assumption that you’re a criminal if you’re playing around with large sums of cash.
You’d never get through airport security and most likely have it confiscated.
Although Lagarde oversees European Central Bank Policies, it’s a system that’ll be in place globally. And it’s sobering.
Her tone-deaf views leave you in disbelief.
Strap yourself because this gets messy.
Christine Lagarde — Source
“My very humble assessment is that Crypto is worth nothing. It’s based on nothing, and there are no underlying assets to act as an anchor of safety.
If the day comes when we have the central bank digital currency or any digital Euro, I will guarantee that the central bank will be behind it.
I’ve said all along that Crypto is highly risky and highly speculative.
If you want to invest there, it’s your choice. But what concerns me about Crypto is that people need to make these investments with open eyes. They can lose it all.
Now the problem is people don’t want to be controlled.
You know what? Now we have this threshold above 1,000 Euros in Europe. You cannot pay cash.
If you do, you are on the grey market and take your risk. You’ll get fined or go to jail if you get caught.”
Final Thoughts
Christine Lagarde is a poster child for Central Bank Digital Currencies, and her sinister approach to implementing them has prodded the hornet’s nest of Crypto investors.
She’s considering a mechanism for CBDCs with zero control or monitoring for only “tiny” amounts, around 300–400 Euros. Yuck.
Other than that, it’s “Big Brother” for Europe, and America is en route.
Further marketing attempts at pushing CBDCs will drive more feverish interest in Bitcoin and other cryptocurrencies. I’m convinced.
Given the government’s track record of misreading the room, you can’t help but question the level of trust in their ability to execute this CBDC experiment successfully.
When you look closer, CBDCs are designed to improve our financial system.
Enhanced Financial Inclusion
Increased Transaction Efficiency
Improved Monetary Policy
Mitigating Illicit Activities
Most people can’t see it because they don’t receive the benefits.
And they’re contemplating the trade-off between convenience and the discomfort of being perpetually monitored. I get it.
If governments don’t get this right
Public scepticism can quickly turn to Civil Unrest.
We need younger people to take over
Question authority