Former head of MicroStrategy doubts the success of CBDCs
Michael Saylor thinks bitcoin could become the best form of money
10.10.2022 - 14:25
422
2 min
0
What’s new? Michael Saylor, former head of MicroStrategy, said that central bank digital currencies (CBDC) are unstable and doomed to fail. In his opinion, bitcoin can become the best form of money due to the fact that it is a scarce asset. He wrote this on Twitter, referring to an article that mentions similar points. The authorship belongs to an anonymous user under the nickname dergigi.
What does the article say? According to the author, CBDC has no future and, like all digital money, it will fail. He noted that questions about "printing, farming and serving" point to the reasons why digital money has failed in the past:
- “admins” abuse their power and print more;
- “players” find ways to earn more through cheaper modes of production;
- “the arena” ceases to exist, either through bankruptcy, intervention, or collapse.
He speaks positively about bitcoin, specifying:
“Bitcoin is the first money that is digital but not virtual. The processes in Bitcoin are not subject to opinion or interpretation. They are not a simulation, which is why Bitcoin can’t be paused, restarted, or stopped.”
In late September, the Bank for International Settlements and the central banks of Israel, Norway and Sweden announced the launch of the project Icebreaker, a joint study of the possibilities of using CBDC for international payments and money transfers. The final report is expected in the first quarter of 2023.
In October, SWIFT successfully completed tests of national cryptocurrencies. The French and German central banks as well as large financial institutions, including HSBC, Standard Chartered and UBS, took part in the experiment.
Useful material?
Market
To advance crypto-friendly regulation, Trump’s party needs to win a majority in the Senate
Oct 18, 2024
Incidents
The regulator believes that the court erred in not recognizing retail sales of XRP as securities transactions
Oct 18, 2024
Market
The leader was the Solana network, with 100 million active addresses per month
Oct 17, 2024
Crypto regulations
Amendments to the regulation of financial institutions have been published for public discussion until October 30
Oct 16, 2024
Market
Over the past four years, the company’s shares have grown by 1540%, while the index has gained only 111%
Oct 16, 2024
Incidents
Over the last 24 hours, the asset has updated its all-time high at $2,34
Oct 15, 2024