Everybody’s talking about the Central Bank. Some are saying it’s a great idea.
Question – Are you interested in giving these economic central planners more power over our economy? More power over your daily life and your economic activity?
First things first- what is the CBDC? Think about BitCoin – it’s a decentralized currency that’s used with no regulations. No one knows who owns it. Now, imagine if a Bitcoin currency is created, but it’s controlled and regulated by the government. THAT’S THE CBDC.
So, who’s against it and who’s for it? According to the Atlantic Council, in May 2020, only 35 countries were considering a CBDC. Today, 114 countries are exploring CBDCs – that’s equal to 95% of the global GDP. Currently, 60 countries are in the advanced phases of exploring their own CBDC. Within the last two years, 11 countries have already launched their own currency into full operations.
PROS & CONS
- PROS: Increase payment efficiency, compliment current forms of money and financial services, deter criminal activity, improve international payment options, potentially reduce net transaction costs, and it benefits lower income households.
- CONS: Overhauling the current financial system could create instability. The effectiveness of monetary policy may deteriorate. Operational difficulty, cybersecurity risk. Last but not least, privacy and the loss to transact anonymously.
Do you like to be anonymous with what you’re purchasing? I’m 44 years old – a grown man of 4 kids, and you get to see everything I buy, invest in. What kind of data does that give you? Do you automatically judge me because of where and how I spend my money? Are you okay with people tracking everything you are buying? Your purchasing decision making process?
Elizabeth Warren is for CBDC. AOC is for CBDC. The U.S. government is for CBDC. You know who is NOT for CBDC? Free thinkers, entrepreneurs, libertarians, guys who are innovators – disruptors who want to live their lives and kind of be left alone. They want the freedom to make their own choices. And as long as they don’t break the laws, they’re kind of going about their lives. These guys don’t want to be controlled.
This all comes down to two things. If you like to be controlled, you’re for CBDC. If you want to think for yourself and not be controlled, you’re not for CBDC.
Elites can’t control Bitcoin. They’re going to do whatever they can to trash it, bash it. They’ll talk about all the criminal activity that happens in Bitcoin to get people to eventually say, yes, this is not a good idea. It’s better if the government controls it. And then you’ll go over here and then all of a sudden, 10 years later you’re like, this was a bad idea, but it’s too late by now.
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To watch the full Monday Motivational video from PBD, click HERE.
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