Fed Chair Jerome Powell said he would be open to exploring a digital dollar during a Senate hearing this week. This while opting to discontinue the M2 money stock metric. This spells bad news for the USD. The Federal Reserve is looking to smoothly transition us over to a digital dollar. But what does this mean for the avg American and how can you profit? The Federal Reserve system suffered an "outage" for a few hours Thursday. This may have been some sort of test run. In any event.
First, it means the end of financial privacy as we know it "Its authors admitted a CBDC (Central Bank Digital Coin) could grant the central bank "unprecedented access" into the financial goings-on of its users if designed to allow the most "granular transaction information" to shine through".
This all depends on which blockchain they decide to use.
Boston Fed chair Jim Cunha says CBDC's are here and they're real in a Coindesk interview. He also states that they are looking for viable technologies to handle the task which include blockchains of all kinds even open-source blockchains and private blockchain startup companies. This may present a huge opportunity for investors as interoperability chains like LINK, ATOM, and scaleable blockchains like ALGO, ADA may prove to be massive windfalls over time as the U.S. economy uses the great reset to restart the economy.
I do not think Bitcoin or Ethereum will be options. Due to the scalability and cost-efficiency issues they have. But time will tell.
What coins and tokens do you believe could be of serious interest when this digital dollar rolls out?
