Bitcoin’s Price Surge Will be Fueled by CBDC Push – Michael Saylor
MicroStrategy co-founder and executive chairman Michael Saylor recently shared his insights on the potential launch of a CBDC in the United States.
During an interview with Valuetainment, Saylor expressed concerns regarding the possible drawbacks of a digital dollar, such as extensive surveillance of individuals’ spending habits. He believes these concerns will generate heightened interest in Bitcoin, the world’s largest decentralized cryptocurrency.
According to Saylor, the growing interest in CBDCs will inadvertently raise awareness about the need for a non-sovereign store of value that is resistant to control by nation-states. He suggests that as people become more aware of this necessity, they will turn to Bitcoin.
Saylor also acknowledges that while there is likely widespread opposition among the general population and a significant number of politicians to the idea of CBDCs, there is a minority faction within the political sphere that seeks to exert control over the entire populace. He refers to them as “control freaks” who may even desire to monitor individuals’ spending habits, even for small amounts like $50.
The executive chairman doubts that politicians will reach a consensus on the implementation of a US CBDC in the near future. He predicts a fierce congressional battle over the issue. Additionally, he questions the technical feasibility and the time required for the government to develop a digital version of the dollar.
As the possibility of a digital dollar becomes more tangible, Saylor anticipates that more people will realize the extent of government and private sector control over traditional cash, making it challenging for individuals to freely utilize their capital.
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Saylor explains that money serves multiple purposes: as a store of value, a unit of account, and a medium of exchange. However, he emphasizes the unspoken fourth characteristic: money as a system of control.
Certain forms of money are easier to control than others, he notes. For example, although gold is often regarded as money, its physical weight makes it impractical to carry, especially through airport security. Attempting to transport a large amount of gold could raise suspicion and result in confiscation without due process.
Similarly, attempting to carry a substantial amount of cash through airport security would likely lead to confiscation and accusations of theft. Saylor highlights the fact that cash is subject to control.
In contrast, Saylor expresses his support for Bitcoin precisely because it is beyond anyone’s control, including that of the Chinese government. Bitcoin provides a solution for those who wish to have full ownership and unrestricted use of their money without requiring permission from any authority. According to Saylor, Bitcoin offers individuals the best chance to truly own their money and have the freedom to spend it as they see fit.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
