Jerome Powell weighs in on CBDC’s and Crypto at a Q&A from the Cato Institute, “Rich Dad Poor Dad” author compares Biden’s executive crypto order and CBDC’s to an Orwellian nightmare…Will big brother be watching, or is fear getting the best of people? Stick around and find out, you won’t want to miss this one! Welcome to Bitboy Crypto, the peoples channel. Home of the BitSquad, the largest and greatest crypto community in all the interwebs. No channel works harder to keep you in the know about crypto. My name is J-Chains, this is your nightly crypto news wrap up, LET’S GET IT!
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Video Link (34:05- “how can…”- 34:36 “from congress” ALSO 35:01- “in our own paper”– 35:37 “American Context)
Powell’s Stance on CBDCs
Jerome Powell sat down in the hot seat this morning for a Q&A at the Cato Institute Monetary Conference, and although we don’t have time in this video to put everything he said under a microscope, seeing that Bitcoin pumped over a percent and a half within the first two hours of him speaking, it’s safe to say this one went MUCH BETTER than last time. We know that the FED is committed to their hawkish approach against inflation, and a 75-basis point hike is very much still on the table for the FED meeting on the 20th…that’s all good and well, but the most interesting topic he touched on today was that of CBDC’s and stablecoins. It’s a surprise to hear that they are still undecided to whether or not they will issue a CBDC, and it’s even more of a surprise to hear their focus on the importance privacy. The truth is, American’s want financial privacy, and they don’t want the government to know about every transaction we make…that’s the biggest fear, because in the next story in this video, you’ll hear the case on why some people believe CBDCs could be the first domino in an Orwellian nightmare. Powell also touched on that they don’t want to get in the way of innovation with established stablecoins, but obviously, they do want to regulate them to protect investors. The jest of his thoughts are: if it looks like money, and works like money…it should be properly backed and regulated like money. Kind of a hard point to argue, and stablecoin issuers agree…and at least we all agree that crypto is an asset class. Also, if stablecoins were properly backed, they could be a legitimate part of the financial system…do you think that’s bullish for crypto, or is that taking it too far, let us know in the comments! Has Powell’s speech affected price action today? Let’s pass it to Frankie Candles for a market watch.
Not everyone thinks that CBDCs are as innocent as Powell made them out to be in today’s interview. In a recent podcast, the author of “Rich Dad, Poor Dad,” Robert Kiyosaki, spoke to former Pentagon advisor James Rickards about his fears about Bidens executive crypto order and CBDCs. In regards to CBDCs, Kiyosaki stated, “This would dramatically expand the power and influence of the federal government, essentially acting as a new type of spyware.” In the conversation, the duo agrees that there is a hidden agenda behind the push for CBDCs that would result in the government having complete control, like in George Orwell’s classic novel, 1984. Will big brother be watching when CBDCs roll out, or does Powell really care about our privacy? They even fear that the government could program a tracking mechanism into CBDCs where they would know what you’re buying, where you are, and like in China, that they could freeze your account, preventing you from buying goods or traveling. Unfortunately, to know if the government has our best interest at heart, or if we will end up living in dystopia, there’s only one way to find out. I’m all for necessary regulation to guarantee mass adoption…as long as it doesn’t damage the integrity of crypto as we know it. We all saw the fall out earlier this year because of the LUNA crash. We saw big players in the space like Three Arrows Capital, Celsius, Vauld and many others take a dive they’ll never recover from…and according to Vermont state officials, it turns out that Celsius has been insolvent since 2019. With necessary regulation, that couldn’t happen, and those investors that lost wouldn’t have been in that position in the first place. That’s all I got.
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