Bitcoin vs. digital fiat is freedom vs. serfdom
Most jurisdictions are exploring retail central bank digital currencies (CBDCs), which could lead to significant government control over financial transactions. CBDCs may allow authorities to dictate spending habits, enforce compliance with policies, and impose limits on holdings. Despite assurances from officials, concerns persist about potential future controls. The UK's Economic Affairs Committee warns that a centralized CBDC could be vulnerable to cyberattacks, risking public access to funds. In contrast, Bitcoin offers a decentralized alternative, resistant to censorship and institutional failures. It has proven reliable during financial crises and remains secure from hacks. Major economies are moving towards CBDCs, with the European Central Bank nearing completion of its digital euro. The U.S. administration's support for stablecoins aligns with CBDC frameworks, raising concerns about government oversight. Bitcoin serves as a self-sovereign option against monetary control and institutional risks.
