CBDC Will Lead to More Bitcoin Awareness: Michael Saylor

Paigambar Mohan Raj
Source: Valuetainment, YouTube

Bitcoin (BTC) maximalist and Microstrategy co-founder, Micheal Saylor recently spoke to Patrick Bet-David on the Valuetainment YouTube channel. The two discussed whether CBDCs (Central Bank Digital Currencies) pose any threat to Bitcoin (BTC). According to Saylor pushing for CBDCs will only bring more attention to BTC. Saylor called CBDCs a marketing event that causes everyone to think about a world where they don’t own their money. This would drive them to think about the kind of money that they could own, namely Bitcoin (BTC).

The Bitcoin maximalist believed that not only is a majority of people against CBDCs but also a majority of politicians. Moreover, he added that “there is a fringe wing that wants to impose control over everybody and they don’t trust anybody.”

Saylor gave two examples of a person with $100,000 worth of gold and $100,000 in cash trying to get through airport security. In both instances, the individual will not be permitted to go through, and their gold and cash would be seized. However, the same is not true for Bitcoin (BTC).

How long will a U.S. CBDC take to debut, and will it impact Bitcoin?

Saylor doubted if politicians will reach a consensus on a U.S. CBDC any time soon, and he anticipates a significant confrontation in Congress over the subject. Furthermore, he questioned the government’s ability to really produce a digital version of the dollar from a technical perspective. Nonetheless, the United States Federal Reserve has not announced any plans for a U.S. CBDC. However, the issues might become a presidential election topic of discussion, says Ron Hammond, director of government relations at Blockchain Association.

A number of potential candidates for the presidency have firmly opposed CBDCs. Future digital currencies are portrayed by opponents as a government effort to track and even regulate citizen transactions. However, such ideas will only lead to more people wanting control over their money, which, as Saylor mentioned, will bring them to the original cryptocurrency.