Central bankers and international corporate bankers have long been pretending to hate the very concept of cryptocurrencies like Bitcoin and Ethereum while at the same time investing heavily within blockchain technologies and facilities.
The purpose of the ruse is not clear, but more than likely it was an attempt at bulk reverse psychology – “ We don’t like crypto plus digital currencies because we supposedly have no control over them; free market proponents ought to embrace them blindly since that is how you will defeat us. ”
In the meantime, while major banking firms are investing billions into various blockchain products, central banks and worldwide institutions like the BIS plus IMF have been developing their own systems. In fact , the BIS notes with enthusiasm that around 90% of central banks around the world are already along the way of adopting CBDCs.
But precisely why would anyone want to use government and establishment financial institution controlled cryptocurrencies when they get access to Bitcoin and dozens of other coins that are supposedly 3rd party? Why trade freedom for more centralization?
First, existing cryptocurrencies aren’t as free as many individuals believe, with ample government tracking of blockchain transactions in place for years, the notion of the totally anonymous crypto user is of a fantasy, and the idea that a product such as Bitcoin is going to “ bring down” the particular central banks is becoming much less realistic by the year.
Second, the crypto market is highly unpredictable in part because it is still very limited. While crypto use within America is higher than other countries with around 12% of people using it as an investment (not as a currency), the rest of the entire world is mostly uninterested with an estimated global footprint of around 4% . Of that 4% only a handful of people actually own the most of the market; these people are known as “ whales” and they have the ability to suggestion the market up or lower with little effort.
This happens in many various other trade commodities and paper currencies also. The point is, crypto is not immune to manipulation.
Third, crypto is enticing to people because of the quick profits that can be had, but massive losses are usually a danger. The overall crypto market has plunged by $2 trillion in past times year alone – Over 60% from the value. The implosion of huge trading companies like FTX also undermines the stability of the market and usually it’s the typical investor that ends up struggling the consequences.
All of these aspects and more can be used by financial elites as a rationale for the implementation of CBDCs plus global regulation of crypto trading. And, when the bloodbath in existing coins continues, people may even delightful CBDCs as a “ safe” investment or currency program.
The expenditure losses in blockchain items along with the scandals in trades is a rather convenient opportunity for the banking establishment to promote their own currencies as a replacement. In the wake of the FTX event, multiple international banks including JP Morgan and Goldman Sachs have called for government regulation and a shift to CBDCs.
The US House has scheduled hearings on FTX by having an emphasis on regulation. Within Europe, globalist Christine Lagarde and the ECB are phoning for global cooperation upon monitoring and controlling cryptocurrencies. Lagarde wants a “ digital Euro” to take the place of existing coins plus blames FTX and the larger market losses on lack of oversight.
Numerous crypto analysts are also demanding rules, calling crypto “ broken and useless” until governments step in to mediate (control) trade. This is the exact opposite of what crypto activists originally intended over a decade ago when Bitcoin was in its infancy, plus digital trade back then had been sold as some kind of trend against the banking oligarchy. However , it’s easy to see where this is all going.
It means even more pervasive centralization. With papers currencies at least there is correct anonymity, but with CBDCs the existence of the blockchain ledger precludes any and all privacy in industry. Not only that, but the institutional ability to cut off people from their wealth and economic access is going to be profound. If you believe corporate and government directed cancel culture is bad now, just wait until they can freeze your digital accounts at a moment’s discover because of something you said on social media. And, in a cashless society you can find few alternatives beyond some kind of black market.
CBDCs mean the total passing away of any economic freedom the public has left, and main banks are exploiting unfortunate occurances like FTX to make that death happen even faster.
In this exceptional clip, Ye West calls out Elon Must for not reinstating Alex Jones to Twitter.