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15 July 2021: One thing that has been made abundantly clear by major central banks and governments around the world - they do not like cryptocurrencies. Crypto poses the most direct threat to centralized governments grip on power - a monopolization of the monetary system, particularly with regards to the United States - the current leading nation-state in world reserve currencies through the USD.
This article will draw attention to the push that is already happening to combat the growing popularity of cryptocurrencies and why everyone involved within crypto needs to take it seriously to protect the longevity of the cryptocurrency space.
CBDCs vs Cryptocurrencies
With China pushing Bitcoin miners out of the country, it is not hard to see the long term play - and example - that China is making. They are pushing out Bitcoin operations to promote the internal use of their own digital currency, the digital Yuan. Countries around the world already realize that is fundamentally impossible to simply make cryptocurrency networks illegal or to ban them outright. So, the next best thing is to make them appear dangerous, unappealing, and most importantly, obsolete.
There is a current rush to capture as much of the mainstream market as possible. The United States is now exploring this route through the Federal Reserve with the idea of a truly digital dollar. The plan appears to be to push this digital dollar out to the world packaged like it is a digital coin just like other cryptocurrencies but would obviously still be the same as fiat currently. The problem is many individuals out in the mainstream market would not be able to tell the difference.
The possible coming rise of a CBDC - central bank digital currency - has recently just been directly pitched by Jerome Powell, the current leader of the Federal Reserve. He even said the following in a statement:
"I think that may be the case and I think that’s one of the arguments that are offered in favor of digital currency. That, in particular, you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency – I think that’s one of the stronger arguments in its favor."
In short, governments are trying to hold onto their monetary power through the coming release of these CBDCs.
Now picture this: with the full digitization of the USD, there is absolutely nothing normal individuals could do to avoid the abuse of such a system with the complete phasing out of traditional cash. The government would effectively has direct control over every single dollar you have to your name quite literally. This point gets dystopian real quick.
Summary
The way to combat such a narrative is to counter all the FUD and ill news that governments and central banks are spilling right now. Get ahead of the CBDC news because we all know they are coming. Everyone invested and apart of the decentralized monetary space that is cryptocurrencies is equally responsible for the marketing and adoption of those very same cryptocurrencies. If we allow the CBDCs to be pushed out first and gather more of the mainstream market as being marketed as "better than crypto" it will be increasingly more difficult to get ahead of that narrative the longer it goes on for.
The most important point to take away from this article is simply to not underestimate the power of the institutions in which we all directly oppose. A failure to do so could result in the permanent casting out of such a technology as decentralized cryptocurrencies. CBDCs are coming, counter the news with factual rebuttals to keep the debate ongoing. Each mind changed away from centralized monetary systems towards decentralized monetary systems is another mind in the fight for financial freedom for all.
