Just as Uber disrupted taxis and TikTok is disrupting Twitter and Facebook, the battle for the future of what society views as money rages on. New technologies like Bitcoin and Tezos are gaining more and more traction TBH, but the world’s largest government connected institutions certainly won’t go down without a fight.
Behold the CBDC! What does CBDC stand for you say? CBDC = Central Bank Digital Currency. SMH – perhaps you are, but the Bank Of England even published research on this very topic in march of 2020. It appears that central banks such as the BOJ, BOE, and Federal Reserve are seriously looking into this. The Digital Dollar Project in the U.S. is a think thank working on CBDC implications and use cases, and they released a white paper on May 28th of 2020.
Those that appreciate HIFW you stack sats using Lolli might feel threatened or nervous, but let’s look at the facts. The reality is that most if not all currencies already are digital. The amount of money moved around digitally dwarfs that of the amount of physical cash in circulation and used on a daily basis. CBDCs already exist, so don’t worry about FOMO.
What is very interesting about the Bank of England research and other research being conducted is that even a central bank like the BOE openly states that private digital currencies and private firms might play a role here. In other words, unlike digital dollars or yen or euros, these CBDCs may truly exist in the sense that they could interact technologically with existing cryptocurrencies. Yes, a CBDC could potentially be swapped back and forth with Bitcoin.
So rather than being a threat to Bitcoin, these could ultimately be a stunningly large endorsement of Bitcoin. They might present an enormous on ramp for millions of people to gain exposure to Bitcoin. Even the Uber connected and ultra influential JP Morgan the almighty chimed in and said a CBDC and crypto can threaten the USD hegemony.
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