Economist Steve Moore says that crypto assets such as Bitcoin are a threat to the dollar and have advantages over central bank digital currencies (CBDCs).
In a recent interview with Kitco News, Moore says that although he doesn’t think the US dollar will lose its reserve currency status in his lifetime, he believes that crypto is a threat to that status.
“But I do think that a real threat – and a welcome threat – to the dollar is these cryptocurrencies, like Bitcoin and so many others. I think this is here to stay. It’s an incredibly positive thing because it’ll have a disciplining effect on these central bankers that feel like they run the world economy.”
When asked about his thoughts on the US government’s role in regulating crypto, Moore says that the government will likely take a tougher stance on Bitcoin.
“Because they’re terrified. What do government officials want? Control. They can’t control these things like Bitcoin… That’s exactly why if you love freedom and liberty, you should be in favor of these kinds of alternative currencies.”
Moore also believes that crypto provides a viable alternative to CBDCs for consumers who don’t want the government to track their spending activities.
“Just because you don’t want the government knowing how you’re spending your money doesn’t mean you’re a criminal… There are very legitimate reasons where I, as an individual, want my privacy from the government. That’s where these other cryptocurrencies come into play, and that’s exactly where they’re going to compete with, potentially, these digital central bank currencies.”
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