The chief executive of blockchain technology firm Blockstream said people prefer using fiat currencies or stablecoins rather than holding central bank digital currencies (CBDCs).
Adam Back warns its 487,800 Twitter followers that CBDCs allow the powers that be to seize and control a person’s wealth.
“Bitcoin is an apolitical, bearer, elusive currency, and that’s what matters. Stablecoins [are greater than] CBDC. In fact, CBDCs are control systems, worse than bank accounts, certainly worse than paper money, worse than stablecoins, and much worse than Bitcoin.
“Bitcoin displaces gold over time. As the Lindy Effect builds trust, adoption and awareness grow. More and more financial institutions are offering Bitcoin, and as the younger generation inherits investments and wealth, they are more likely to reallocate to BTC than to gold.
The Lindy Effect is a theory suggesting that the longer a technology has been around, the more likely it is to exist in the future.
Last month, the CEO made a prediction that Bitcoin will send traders flying sideways and soar to $100,000 this year, as he believes the US Federal Reserve will likely reverse its tight monetary policies before the end of 2022.
“Everyone has their favorite macro views. My guess: stock market + US election season, moral hazard rises, quantitative easing ramps up again, rates fall again, money printer kicks into high gear. So the interest rate overhang diminishes and BTC de-correlates somewhere along the way once DeFi (decentralized finance) has cleared…
My permabull case for BTC/USD [is] $100,000 this year. Additionally, a physical US Bitcoin ETF hunter (GBTC upgrade + other) would create a nice boost and likely trigger a big decoupling and positive reflexivity in a headshot next year.
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