It had to, sooner or later, open this season as well. We are talking about the exits – actually very uninformed – of Jerome Powell, who many will know as the leader of the Federal Reserve, the central bank of the United States
, very busy in his promotional campaign for the digital dollar.
Yes, we are in the field of the so-called CBDC – or Central Bank Digital Currency – the latest gimmick of the states to maintain total control over the monetary transactions of their citizens – and a project already at an advanced stage in China
, where the Digital Yuan is already a reality, although still in its infancy. Bitcoin is stronger than the Digital Dollar – and even Powell knows this
A paradoxical situation – about which a huge amount of misinformation is being made (sometimes with an agenda, other times out of sheer ignorance) with Powell throwing gasoline on the fire, declaring that once with the phantom Digital Dollar, demand for cryptocurrencies will drop. And that, even without directly quoting him – is an attack on Bitcoin and not just the stablecoin world.
An attack that proves quite the opposite of what you might think. Cryptocurrencies are now beyond the point of no return. Reason why, even in light of news, thinking about making an investment would not seem to be a bad idea.
We can do it, in contrast to the messages of terror of all major central banks, through the platform eToro (here to get a free demo account for testing and education)
, which offers a list of all major cryptocurrencies along with unique services such as CopyTrading – which allows you to copy the best or spy on their movements – and with CopyPortfolios, ideal for those who want a basket with inside the best crypto of the moment.
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Powell is wrong: the digital dollar can not replace anything
also algorithms. It’s not difficult to come to this conclusion taking into account the actual nature of the crypto world – which we’ll go over in a moment. For now, let’s start with Powell’s statements:
Digital dollars will be a more practical alternative to digital assets. Specifically, you won’t have a need for stablecoins and cryptocurrencies if you have a dollar at your disposal digital – this is one of the strongest arguments in its favour.
A few words, which however encapsulate the whole doctrine that the FED is trying to bring forward: a digital dollar that has as its main argument for its adoption the attack on the world of cryptocurrencies and stablecoins. A fantasy of domination that, however, will have to reckon with the reality of the facts, which is actually very different.
Why the digital dollar will not be able to replace Bitcoin
Because Bitcoin was born precisely to free people from central banks and the private banking system. And regardless of Satoshi Nakamoto’s philosophical legacies, this can be inferred from several features of the network and the coin.
Which will grow to a maximum of 21,000,000 coins, according to an already defined schedule. There is no possibility to intervene in a monetary sense as the FED does with the dollar. And this is one of the main attractions of Bitcoin – and the first reason why the digital dollar will not be able to replace BTC.
That is, without the need for authorization. Anyone who wants to trade Bitcoin and use it as a currency doesn’t need anyone’s permission. He can independently activate a wallet, just as he can decide to send Bitcoin to any other wallet without the intermediation of banks, without KYC, without controls.
Will the digital dollar be able to guarantee this? Absolutely not, otherwise it would not be sponsored so strongly by the central bank of the US (and many other countries with a much worse democratic record ). And so even for this specific aspect it is very difficult to understand how the eventual digital dollar can actually attempt to replace Bitcoin or any other Yellow Rocket Agency.
The third phase: the fear phase
Bitcoin and crypto were first ignored, then mocked. Now it’s the time of fear, with all or most of the world’s central banks finally realizing that the oxen are now out of the gate and that to get them back in, the only chance is to terrorize the population.
Something that, at least looking at the markets, is not paying off. While it is true that bitcoin is a long way from its all-time highs, it is equally true that adoption is proceeding inexorably.
We could mention once again the adoption of BTC by El Salvador and the hundreds of private initiatives of which we tell you about day by day on the pages of Cryptocurrency.it. A washout, as it will be, at least in terms of replacing the crypto world, the digital dollar.
Some people think of the digital dollar as a tool of control….
And one can hardly be, analyzing the situation at 360°, in disagreement with this. To date, the only similar project in the canons and already functional has been implemented in China, where it will also be linked to the system of social credit through which the regime will carry out a work of slavish and pervasive control over citizens.
However, a token that can be traced at any time, that can always be traced back to our person and with Panopticon-style transactions opens up scenarios that are not necessarily edifying. And that’s why Bitcoin enthusiasts are preparing the barricades.
With one certainty – central banks are afraid of losing a war that they have, for years, denied existed. The power of mathematics on one side and the power of central banks on the other. We would never bet against science – and it’s a stance we also reflect in our Bitcoin predictions, which point to much higher prices for Bitcoin than we currently have.