Central bankers and international corporate financiers have long been pretending to hate the very concept of cryptocurrencies like Bitcoin and Ethereum while at the same time investing heavily in blockchain technologies and infrastructure.
The purpose of the ruse is not clear, but more than likely it was an attempt at mass reverse psychology – “We don’t like crypto and digital currencies because we supposedly have no control over them; free market proponents should embrace them blindly because that is how you will beat us.”
In the meantime, while major banking firms are investing billions into various blockchain products, central banks and global institutions like the BIS and 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 in the process of adopting CBDCs...
The investment losses in blockchain products along with the scandals in exchanges 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 over to CBDCs.
The US House has scheduled hearings on FTX with an emphasis on regulation. In Europe, globalist Christine Lagarde and the ECB are calling for global cooperation on monitoring and controlling cryptocurrencies. Lagarde wants a “digital Euro” to take the place of existing coins and blames FTX and the larger market losses on lack of oversight.
Numerous crypto analysts are also demanding regulation, 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, and digital trade back then was sold as some kind of revolution against the banking oligarchy. However, it's easy to see where this is all going.
It means even more pervasive centralization. With paper currencies at least there is true anonymity, but with CBDCs the existence of the blockchain ledger precludes any and all privacy in trade. Not only that, but the institutional ability to cut off people from their wealth and economic access is going to be profound. If you think corporate and government led cancel culture is bad now, just wait until they can freeze your digital accounts at a moment's notice because of something you said on social media. And, in a cashless society there are few alternatives beyond some kind of black market.
CBDCs mean the total death of any economic freedom the public has left, and central banks are exploiting disasters like FTX to make that death happen even faster.
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