Michael Saylor, co-founder, and executive chairman of MicroStrategy, discusses the prospective introduction of a Central Bank Digital Currency (CBDC) in the United States.
Saylor believes in a new interview with Valuetainment that concerns about the possible drawbacks of a digital currency, including as vast surveillance of how people spend their money, will drive increased interest in Bitcoin, the world’s largest decentralized crypto asset.
“Interest in CBDCs will only fuel more fervent interest in Bitcoin.” It is really increasing awareness, and Bitcoin is rising as people become more aware of the need for a non-sovereign store of value that is resistant to nation-states…
I’m convinced the vast majority of the populace is vehemently opposed to [CBDCs], as are a sizable number of lawmakers. However, there is a fringe element that wants to impose control on everyone and does not trust anyone. They could even want to see how you spend $50 at some time. And those are the control freaks in politics.” Saylor believes politicians will fail to reach an agreement on a US CBDC in the near future, and he anticipates a major congressional battle on the matter.
Furthermore, Saylor is concerned about how long it will take the government to figure out how to construct a digital version of the dollar from a technical standpoint. However, as technology advances, he predicts that more people will notice the government’s and private sector’s potential to regulate currency and make it impossible for people to freely spend their resources.
“Money is a value store.” A monetary unit. A form of transaction. Then there’s a fourth trait that we don’t discuss. It is the unspoken thing. It’s a command and control system.
Certain funds are easier to manage than others. For example, we often refer to gold as money, but have you ever attempted to transport a gold bar through an airport? Extremely heavy. Try it again the following time. They will not let you pass.
In reality, if you tried to bring $100,000 in gold to an airport, you would not only be denied entry, but the assumption would be that you are a criminal who stole the gold. Without a court order, they would simply seize it and keep it.
Try carrying $100,000 in cash through the airport now. Have you ever tried it? Put it in a bag and, when you walk through the TSA checkpoint or x-ray machine, casually tell the officer, ‘yes, I’m carrying $100,000 of money onboard the plane.’ You’re not going to make it. They will not only not let you through, but they will also take your money. They’ll just take it, and they’ll assume you stole it. So money is a unit of control…
I like Bitcoin for the same reason that the Chinese do not. They have no control over it. Nobody has power over Bitcoin. So, if you’re worried about being able to possess your own money – that is, do you own it and can you spend it without seeking someone else’s permission – then gold isn’t the answer. It is not made of silver coins. It’s not a large sum of money. It’s not money in a bank in the United States.
It’s not money in a bank in Lebanon, Argentina, or anywhere else in Africa. Those banks will not let you withdraw your funds. Consider Nigeria: $42 per day. That is the maximum amount you can withdraw from the bank. They’ve taken your money. So Bitcoin is the only network that allows you a reasonable chance of controlling your own money and then spending it how you see fit.”
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