TL;DR Breakdown
- Frank Giustra says that governments would stifle Bitcoin growth because of their CBDC projects.
- China launches a Digital Yuan ATM.
Billionaire investor, Frank Giustra, has said that governments and central banks in the world will do all they can to stifle the growth of Bitcoin.
In an interview with Daniella Cambone of Stansberry Research, Giustra believed that if most of the countries working on a central bank digital currency (CBDC) project were to succeed, they wouldn’t want any competition from Bitcoin or other crypto assets.
According to him, the governments and the central banks will try to protect their CBDC project by placing different obstacles that would deter the universal adoption of Bitcoin. He noted that these central banks would make it very difficult for BTC because it would pose “a threat, a real threat, to their sovereign currencies.”
He also cites the example of gold which the authorities in the United States banned its ownership for 40 years. He also cited countries like South Africa, Britain, and Greece, which adopted currency and capital control measures to protect their fiat currency. This, he believes, can be used against the adoption of Bitcoin universally.
Regardless of CBDC projects, Bitcoin would still climb higher.
Frank Giustra believed that Bitcoin was going to go much higher than it is predicted to perform.
He noted that the coin was in a state where many people are purchasing, which would keep driving it higher. According to him, he believes that the value of crypto assets would still go much higher.
China has already made considerable improvements to its CBDC projects. One of the biggest banks in the country, the Agricultural Bank of China, has launched ATMs to allow customers of the bank to change their cash into Digital yuan. These ATMs can be found in selected parts of Shenzhen.
