Bank of America Claims That CBDCs Are the Future of Money and Payments. Don’t Believe These Lies. Bitcoin Is the Future.
The whole narrative is set up to facilitate the establishment of a society of mass surveillance in the future.
Governments and central bankers spend their time denigrating Bitcoin with lies and clichés. Despite so many efforts to discredit Bitcoin, these powerful people in the current system say that Bitcoin is not a threat to the current monetary and financial system.
If Bitcoin is not a threat, then why do they spend so much time denigrating Bitcoin?
The truth is that if they constantly denigrate Bitcoin, it is because they feel that Bitcoin has the potential to become a credible alternative system to the current system. A system that gives power back to the people. Something that the powerful people of the current system do not want.
Indeed, the powerful people of the current system prefer to keep their power of money creation to be able to manipulate the system to their profit. In contrast, you have Bitcoin, which represents a system that offers the same opportunities to everyone. A true revolution.
To counter the emergence of Bitcoin in the coming years, governments and central bankers now have a new fad: Central Bank Digital Currencies (CBDCs).
In the coming months and years, more and more countries will follow the example of China, which is already far ahead with its digital yuan used in real life by millions of Chinese across the country.
So you will see that hardly a day goes by without a politician or a central banker coming to praise the merits of CBDCs. Generally, the sequence is always twofold. First, criticism of Bitcoin with false arguments. Then, highlighting the CBDC project that will make Bitcoin obsolete.
In a report published on January 17, 2023, it is this time Bank of America that has followed this classic pattern from now on.
Bank of America explains that from its point of view, CBDCs represent the future of money and payments. No more, no less:
“CBDCs do not change the definition of money, but will likely change how and when value is transferred over the next 15 years. Central bank digital currencies have the potential to revolutionize global financial systems and may be the most significant technological advancement in the history of money.”
Reading this Bank of America report, I feel like I'm back in 2008 before Satoshi Nakamoto came along and published the Bitcoin whitepaper. A system that would effectively revolutionize the history of money. Bitcoin is the next evolution of money.
Bank of America pretends not to have any knowledge of Bitcoin here, the better to push the narrative of the powerful in the current system. A great classic. Bank of America then goes on to state what the bank expects from CBDCs that will be deployed in the future:
“Bank of America expects central banks in developed and developing economies to focus on payments efficiency and financial inclusion, respectively.”
Bank of America then goes on in its report to highlight the danger that CBDCs pose to banks since CBDCs will override private banks in the currently imagined scheme:
“CBDCs may drive competition with bank deposits, and could lead to a loss of monetary sovereignty and inequality among countries globally.”
Bank of America says that the actual deployment of CBDCs will take more or less time depending on the country over the next decade. But for Bank of America, “central banks are expected to adopt technological advances or risk irrelevance over the longer term.”
On this last point, we can only agree. All countries will follow each other for fear of being overtaken by others. Even if it means that all of them will run into the wall and trap their citizens a little more...
Finally, Bank of America ends its report by stating that central banks will need the private sector to get the innovation represented by digital assets off the ground. Banks would like to be integrated into the deployment of CBDCs in one way or another, so as not to lose money in the future.
As you can see, Bank of America is following a classic strategy with this report.
Bitcoin is Freedom, CBDCs are Slavery
As an individual, you should be warier with CBDCs than ever. CBDCs have all the flaws of fiat currencies, with the added issues of privacy, control, and censorship risks.
With CBDCs, governments will easily be able to define profits for each of us, and then condition our spending according to purely arbitrary and unfair criteria. Governments will be able to follow the example of China, which can set an expiration date for its digital yuan while conditioning usage to particular areas.
Thus, your government will be able to force you to use a digital euro or a digital dollar within 3 months for consumer goods to boost consumption for example. Something you do not want if you are like me. You work hard to earn your money, you are entitled to spend it as you wish.
Finally, the possibility of censorship will always be stronger than with the current system where cash remains your way out.
In short, you have no interest in accepting these CBDCs. Your interest lies with Bitcoin, which gives you back the power over the fruits of your labor. Bitcoin is P2P hard money that protects you from the ravages of monetary inflation and censorship. I'm not going to list all the advantages of Bitcoin over fiat currencies and CBDCs again here. You know them from reading me.
However, I invite you to listen and read everything that governments, central bankers, and private bankers say daily to see this famous pattern appear. You will then see that everything is being put in place to impose a society of mass surveillance on us.
Bitcoin is your best weapon against this.
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