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Max Keiser talks down on CBDC, says they are worse than fiat

El Salvador

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TL;DR Breakdown

  • Max Keiser explains that CBDCs are proof government don’t care about people.
  • Says CBDC will only give Central Banks more power of surveillance.

Max Keiser, aka Bitcoin Evangelist, has spoken down on Central Bank Digital Currencies (CBDCs), explaining why governments don’t care about the people with the launch of CBDCs.

Keiser spoke at the Labitconf Bitcoin Conference in El Salvador, where he discussed the role central bank digital currencies (CBDCs) might play in the monetary future of our society and the associated implications for Bitcoin.

The Bitcoin evangelist explained CBDCs are only a re-creation of fiat and would only give Central Banks more power of surveillance.

“CBDCs are just a re-creation of the current fiat money system, except they make it worse,” Keiser said. “It’s totally centralized, and it gives the state greater powers of surveillance. The ability to save money will be gone.”

He noted that with the power CBDCs would put in the hand of Central Banks and governments, it would hurt the privacy and freedom of individuals around the world.

“If states cared about people, they would stop debasing the currency; they would not keep interest rates at zero; they wouldn’t allow crooks to have a business model where they get to keep 90 cents of every dollar they steal,” he said.

Why Bitcoin is greater than CBDC – Max Keiser

Max Keiser, while speaking, heaped praises on Bitcoin as uniquely positioned to provide citizens with the option to save and spend when and as they see fit. He said this was in contrast to whatever possibilities a CBDC would bring.

While hyping Bitcoin, Keiser explained that Bitcoin promotes peaceful resistance and encourages a society based on freedom. He noted that Bitcoin has the potential to embark society onto a more inclusive and equal financial system that does not differentiate between users.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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