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Bitcoin discussion by FED Chairman and Euro Central Bankers

[https://youtu.be/d8pRg1xBrjc](https://youtu.be/d8pRg1xBrjc)

I found this video discussion very interesting. My 7 takeaways are:

1. The FED and Euro Central Bankers are **not at all concerned** about Bitcoin being used as a gold substitute or store of value. They would only be concerned if it was used for everyday payments.
2. Global Stablecoins (Libra) will be “subject to the highest level of regulatory oversight”. ie, will probably never get off the ground.
3. It is not currently legal in USA or Eurozone for the FED/central bank to issue a CBDC – it would need a law change.
4. All major central banks are working on CBDCs. The FED is intentionally going slow. They see no need to be first.
5. The FED thinks it is holding the free world together due to its management of the USD. (hubris extremis)
6. The Euro banker guy made the point that a stable coin (eg USDT/tether say) is only safe/secure/riskless if/when it is backed 100% by the sovereign currency, so when/if the original currency becomes programmable via a CBDC, then the utility of the original stable coin reduces. (this misses the point completely to my mind, especially since any future CBDC is likely to be pretty retarded)
7. I love it when FED Chairperson Powell says “bitcoin is highly volatile, and therefore not really useful as a store of value”. lol. I think the bitcoin owners sitting on USD$1Trillion of volatile wealth might somewhat disagree.



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2 Comments

  1. This is why I’d never touch Bitcoin Cash, they are competing with stripping power from the Fed, Bitcoin is money, not currency. Currency allows tracking and monitoring, ability to lock you out and birth to global social credit system. Bitcoin is digital gold, the premiere digital money that’s a store of wealth it’s just old people who own gold do not want it to be because they feel holding metal in a vault nobody wants means $$$$

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