Bitcoin is your financial future – don’t become enslaved by Central Bank Digital Currencies

As a researcher with a background in economics and a firsthand experience of living through financial instability and government overreach, I cannot help but feel deeply concerned about the state of the global economy and the potential implications of Central Bank Digital Currencies (CBDCs).

Global economies are experiencing significant challenges, with mounting debt becoming unsustainable for many. In response, governments are resorting to debasing their currencies in an attempt to keep their economies functioning. Amidst this turmoil, Bitcoin presents a potential hedge and safeguard for your assets. However, be wary as Central Bank Digital Currencies (CBDCs) are on the horizon, aiming to reshape the financial landscape. Avoid becoming overly reliant on these new forms of digital currency.

We are living a dystopian novel

We find ourselves inhabiting a surreal and disturbing world reminiscent of a dystopian novel. Picture this: George Orwell’s Animal Farm and Nineteen Eighty-Four are being woven together by an imaginative author, while Aldous Huxley’s Brave New World serves as the backdrop. This literary fusion creates a captivating, yet unsettling narrative that mirrors our current reality.

As a crypto investor and an avid reader, I can’t help but draw parallels between some of the dark themes found in dystopian novels and our current world. While some may dismiss this observation as far-fetched, I believe that societal control, loss of individual freedoms, censorship, authoritarianism, state manipulation, and other ominous elements are increasingly present in our daily lives. It’s a chilling thought, but the fictional worlds of these novels might not be as distant from reality as we’d like to believe.

Canada, UK, and US – bastions of freedom?

As aanalyst, I would put it this way: My personal residence is a significant factor in determining the extent of dystopian elements in my environment. For instance, consider nations such as Canada, the United Kingdom, and the United States. These countries are renowned for upholding free speech and individual liberties.

Canada, once known for its friendly demeanor, relaxed attitude, and commitment to peace, underwent a dramatic transformation into an authoritarian state in a very short time. The truckers and their freedom convoy serve as stark evidence of this shift. Their Bitcoin wallets were unexpectedly blacklisted, and their bank accounts were frozen – a violation of constitutional rights, as it has since been revealed.

The UK government and the Bank of England are actively restricting the general public’s access to purchasing or transacting cryptocurrencies like Bitcoin. Lately, the Financial Conduct Authority (FCA) has given its approval for the trading of a Bitcoin Exchange Traded Product (ETP), but this privilege is limited to wealthy investors only.

As a researcher examining economic structures, I’ve come across an intriguing observation regarding the United States. Contrary to the cherished belief in the “American dream,” this land of opportunity seems to have relegated that notion to the past. The Federal Reserve, serving as the central banking system for the world’s leading power, operates with a unique independence. Unlike many other central banks tied to the government, the Federal Reserve is a privately-owned entity. Its governors are drawn from the ranks of major American banks, giving these financial institutions an influential role in monetary policy decisions.

The Federal Reserve sets monetary policy for the United States, and given that the U.S. dollar functions as the global currency standard, it exerts significant influence over the monetary policies of other countries’ central banks.

The US owes more debt than can realistically be repaid at present or in the foreseeable future. To prevent a financial collapse, the country is compelled to print additional currency, leading to increased indebtedness. Unfortunately, there seems to be no viable solution to this predicament, and both the US and the global economy may have to contend with this trend indefinitely.

The ultimate totalitarian tool

Central banks around the world are currently working on creating a new type of currency: the Central Bank Digital Currency, or CBDC. Unlike traditional currencies, a CBDC would exist purely in digital form and could be controlled at an unprecedented level of detail. This means that central banks could manage every single digital wallet of their citizens, granting them the power to program digital currency in various ways. For instance, they could establish spending limits on how long currency remains usable or even restrict purchases of specific items or assets. Such capabilities would provide central banks with unparalleled influence over their economies and financial systems.

Ultimately, the central bank retains the power to deactivate an individual’s digital wallet. Consequently, they would be unable to make transactions such as paying bills or purchasing necessities like food.

CBCDs are being developed across the world

From my perspective as an analyst, it’s hard to believe we’re approaching a stage where central bank digital currencies (CBDCs) could dominate the financial landscape to the extent of a dystopian novel. Skeptics would argue that such a scenario is implausible, especially in the relatively free societies of the West. Even if CBDCs were permitted to serve as the primary means of exchange, it’s widely believed that governments would enact legislation to prevent excessive reach and control.

In response, it can be argued that existing laws restricting individual liberties serve a noble purpose by preventing terrorists from acquiring funds for purchasing weapons. The potential risk of terrorist activities outweighs the value of maintaining unfettered citizen freedoms in this instance.

The Bank for International Settlements (BIS), established after World War 1 to manage reparations, now functions as the supreme banking authority. With staff not democratically elected, this financial powerhouse seemingly governs the global financial system. Recently, BIS has directed all central banks to introduce Central Bank Digital Currencies (CBDCs) within the coming years.

The example of China

As a analyst, I’ve observed that China is among the nations leading the way in testing Central Bank Digital Currencies (CBDCs) for several years. This technological advancement is noteworthy on its own. However, it’s important to note that China has also had a social credit system in place for quite some time. The potential integration of these two systems could grant the Chinese government an unprecedented level of control over its citizens, bordering on totalitarianism.

In a 2019 Wired article, the account is given of a reporter who was investigating government corruption and censorship. As a result, this journalist was added to a blacklist maintained by the Supreme People’s Court. This listing prevented the journalist from purchasing airline tickets, traveling on specific trains, and prevented them from buying property or securing loans.

Can Bitcoin remain outside CBDC control?

Among financial assets, Bitcoin stands out as the one not tethered to the conventional fiat money finance regime. It’s accessible for purchase by anyone and can be transacted with anybody, making it uniquely immune to government control or manipulation.

In simpler terms, it’s important for individuals to consider owning some Bitcoin as a means of financial protection against potential devaluation of their currency by governments.

One potential way to rephrase the question in natural and easy-to-read language is: “Could governments use their Central Bank Digital Currencies (CBDCs) to disrupt Bitcoin mining operations by preventing related transactions or purchases?” If we assume that CBDCs have the capability to block specific transactions, then might they be utilized to hinder Bitcoin mining companies from buying new equipment, components, or electricity?

Will the US succeed in banning CBDCs?

In our contemporary society, democratic principles continue to hold some influence in the Western region. The power to reject Central Bank Digital Currencies (CBDCs) or elect governments opposed to their implementation remains a potential check against their widespread adoption.

In the United States, a legislative proposal aimed at hindering the development of a surveillance-enabled Central Bank Digital Currency (CBDC) was approved by the House of Representatives on Friday. During a House session on Thursday, the bill’s author, Republican Congressman Tom Emmer, shared his views:

Here’s a suggestion for paraphrasing the given statement in a natural and easy-to-read way:

Despite the Senate’s necessity to approve the bill, most average citizens may remain unaware of the significant implications. Once they become informed, it could be past the point of making a difference.

2024-05-27 14:13