Bitcoin is your financial future - don’t become enslaved by Central Bank Digital Currencies

Table of Contents

• We are living a dystopian novel
• Canada, UK, and US - bastions of freedom?
• The ultimate totalitarian tool
• CBCDs are being developed across the world
• The example of China
• Can Bitcoin remain outside CBDC control?
• Will the US succeed in banning CBDCs?

Economies are failing across the world. Debt has become unsupportable. Governments are debasing their currencies in order to keep the system afloat. Bitcoin is your hedge against this, and your only protection. However, CBDCs are coming. Don’t become enslaved.

We are living a dystopian novel

It’s like we are living in a crazy dystopian world, and it’s a story told by an author who is interweaving George Orwell’s Animal Farm, and Nineteen Eighty Four; with Aldous Huxley’s Brave New World.

Many might scoff at this statement, but the evil themes that run through these novels, like societal control, loss of individual freedoms, censorship, authoritarianism, state-controlled manipulation, etc., are arguably very much evident in the world in which we live today. 

Canada, UK, and US - bastions of freedom?

Of course, the country where one lives depends on the prevalence of these dystopian themes. That said, just look at countries like Canada, the UK, or the US. The bastions of free speech and liberty. 

Canada turned from a friendly, chilled and peace-loving country into a severe authoritarian State almost overnight. The truckers and their freedom convoy will bear testimony to this, as their Bitcoin wallets were blacklisted and their bank accounts frozen - unconstitutionally, as it has since transpired.

The UK government and the Bank of England are busily cutting the average citizen off from being able to buy or transact cryptocurrencies such as Bitcoin. Recently, the Financial Conduct Authority (FCA) approved the trading of a Bitcoin Exchange Traded Product (ETP), but of course, only for high net worth investors.

Then you have the US, where the ‘American dream’ is just a bygone memory. The Federal Reserve, the central bank of the most powerful country in the world, isn’t even beholden to the State, given that it is a private bank, run by a gathering of bankers from all the major banks in the US.

The Federal Reserve controls the monetary policy of the US, and because the US holds the world’s reserve currency, it holds sway over the rest of the worlds’ central banks.

The US has racked up more debt than can possibly be paid now, or by countless generations to come. The only way to keep the monetary system from imploding is by printing more currency, and thereby incurring even more debt. There is nothing that can be done to ameliorate this situation, and therefore the US, and the whole world, will continue to go down this road.

The ultimate totalitarian tool

However, there is one tool that is being developed by most of the worlds’ central banks, and that is a Central Bank Digital Currency (CBDC). This is the ultimate tool of control, and would allow central banks to micromanage down to every single digital wallet of all citizens. With this tool, digital currency can be programmed. This would enable a central bank to do things like set a limit on how long currency would be available to a user to spend before it is lost, or could be used to impose monetary impositions on users, like preventing them from buying certain products or assets (like Bitcoin?) or turn off the ability to buy things if they leave a certain geographical area. 

Finally, the central bank would hold the ultimate sanction, and that is to turn off an individual’s digital wallet completely, thereby preventing them from paying bills or being able to buy food.

CBCDs are being developed across the world

This really does now enter the realm of a dystopian novel, and many would say that this is preposterous, and just could not happen in a world that is still relatively free, at least in the West. It would be argued that even if Central Bank Digital Currencies were allowed to become the medium of exchange, surely governments would make sure that legislation was in place to prevent such massive overreach from occurring.

To counter this, one might cite the laws that have already been passed, that curtail individual freedoms under the pretext that they are to prevent evil terrorists from money laundering and obtaining weapons etc. Far better that citizens are hogtied and are relieved of their freedoms, rather than that some terrorist group is able to buy guns.

The BIS (Bank of International Settlements), set up to deal with reparations after World War 1, has become the central bank of central banks. It is a super bank staffed by unelected officials that appears to control the financial system of the entire world. This bank has mandated that all central banks are to have a CBDC in place within the next few years.

The example of China

China is one of the countries which has been piloting CBDCs for some years now. A social credit system has been developed from much earlier, and if it is entwined with the CBDC system, it will give the Chinese government just about absolute totalitarian control over its citizens.

A Wired article from 2019 tells the story of a journalist who was writing about government corruption and censorship. The government put this journalist on a “List of Dishonest Persons Subject to Enforcement by the Supreme People's Court”. The journalist was then unable to buy a plane ticket, travel on certain trains, and was unable to buy property or take out a loan.

Can Bitcoin remain outside CBDC control?

The one financial asset that is outside of the traditional fiat-based finance system is Bitcoin. It can be bought and sold by anyone, can be transacted with anyone, and is completely beyond the manipulative reach of any government.

As such, it would be beholden to all ordinary people to have some Bitcoin in order to protect themselves financially from government debasement of their currencies.

However, the question could be asked: “Would governments be able to use their CBDCs to attack Bitcoin’s miners?” If one accepts that a CBDC could be employed to prevent certain transactions from taking place, would it be used to prevent Bitcoin mining companies from buying new rigs, or parts, or prohibit them from buying electricity?

Will the US succeed in banning CBDCs?

At least in this current day and age, there is still a semblance of democracy in the Western world. A vote against CBDCs, or a government looking for election that will rule them out, could still turn the tide against the imposition of such monstrosities. 

In the US, the House passed a bill on Friday that prevents the creation of a surveillance enabled CBDC. Republican Congressman Tom Emmer, the author of the bill, said in the House on Thursday:

"This bill is simple: It halts the efforts of this Administrative State under President Biden from issuing a financial surveillance tool that – if not done correctly - will fundamentally alter the lives of every American,"

Nevertheless, the bill still has to be passed in the Senate. The vast majority of ordinary Americans probably don’t have the faintest idea just how much is at stake here. By the time they do, it might already be too late …

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.