CBDCs are in my opinion just rat poison, to use Warren Buffet's favorite adjective that he used on Bitcoin at some point. They're government created currencies, traceable and another mean of controlling population and its personal finances thus I don't consider them to be any sort of crypto. They don't have the pedigree for that.
Bitcoin on the other hand has been created upon concepts that are totally opposed to what CBDCs pretend and wish to become. It's the currency of the people, for the people and meant to be used as a decentralize alternative of the crooked fiat money. So far it hasn't managed to achieve that.
It has managed to become a hedge against inflation for countries such as Venezuela for example and one used against US sanctions in the case of Iran, where the government has used and it's using Bitcoin to circumvent US sanctions. Iran is somehow trying lately to turn Bitcoin into a CBDC as it is banning trading for foreign mined Bitcoin.
The move comes as a formality as Iran has already banned open trading for cryptocurrencies. Their tries now are channeled towards stopping the Iranian mined Bitcoin to leave the country. Paying for imports that bypassed foreign currency restrictions was possible at the end of last year thanks to internally mined BTC.
"Iran's central bank has declared that transactions of cryptocurrencies which were mined outside of Iran are forbidden - in Iran, one can only transact with locally mined coins! Accordingly, authorized exchange offices and banks can make foreign exchange payments for import through cryptocurrencies mined in the country (...), but trading and buying and selling other cryptocurrencies are not allowed. This just means that Iran wants to export Iranian produced coins more aggressively, encourage mining, and counter capital flight in the face of a depreciating Rial.”
source
Treating Bitcoin in this manner says nothing more than the fact that Iran is not that much interested in the disruptive nature of Bitcoin and that it would encourage its citizens to invest and use it on a large scale, but rather seeing it as a sort of CBDC that would ease the sanctions. They should change perspective on that matter and have a look at Norway’s minister of climate Sveinung Rotevatn, who's a Bitcoin ‘hodler’. Truly civilized countries have a totally different perspective on this new type of currency.
The mass adoption of Bitcoin is gradually unfolding as per the recent news regarding Citi Considering Crypto Services Amid Surge in Interest. BNY Mellon Announces Crypto Custody and Spies Integrated Services while Deutsche Bank Quietly Plans to Offer Crypto Custody, Prime Brokerage. The latest and greatest comes from JPMorgan which will Let Clients Invest in Bitcoin Fund for First Time.
Most of your probably remember JPMorgan's stance on Bitcoin a few years ago. Pretty similar with Warren's. As @taskmaster4450 often says in his posts, it's quite impossible to fight technology at this point, so you'd better accept it. Bitcoin is no longer just a trend, but a reality. It's a panacea for some, a store of value for others and a life time bet for many investors and traders around the world. Its no.1 spot among all cryptos is under threat though by none other than DoGE.
Yes, according to cryptoslate 1 in 4 Americans consider Dogecoin the ‘new Bitcoin’... I have a message to these 1 in 4 Americans: that ain't going to happen. DOGE is a meme and it will always be that, even Dogecoin Fan Elon Musk Urges Followers to Invest in Crypto with Caution. When the CEO himself warns fans on being cautious, you know it was just a pump, a play and just a metric for the beginning of a new altcoin season. DOGE and ETH are often times the catalysts for triggering altcoin seasons and they both pumped hard lately.
2021 is gonna be the year of major transformation in the blockchain and crypto industry and the interesting part is that we're still in the incipient phases. Hence, if you're invested in crypto and involved in crypto projects, you should have a look in the mirror and congratulate yourself, you're an early adopter.
Thanks for attention,
Adrian
Posted Using LeoFinance Beta
