Bitcoin Firebrand Michael Saylor Says Banking Establishment Will Oppose CBDCs, Predicts Stablecoin Wind Down

MicroStrategy CEO Michael Saylor predicts that central bank digital currencies (CBDCs) will face significant challenges amid talks of the US possibly rolling out its own digital dollar.

In a new interview on Kitco News, the popular Bitcoin (BTC) advocate says that the current banking establishment will oppose the introduction of a CBDC, seeing it as a threat to disrupt the prominent role of banks in the financial sector. 

“The CBDC would be an example of disintermediating all the banks starting with the big banks down all the banks and then what is their business? So I think that there will be alarmists that will say, ‘The CBDC is coming, get ready.’”

Saylor also sees a bleak future for USD-backed stablecoins, saying that a digital currency “will not come in the form of a stablecoin” because the political establishment will see it as giving people too much freedom. He predicts that regulators will find a way to “wind down” the stablecoin industry.

“The regulators are winding them down like the Wells Notice, the BUSD, like the Custodia denial letter, like the move by the Canadian regulators to prevent you from trading stablecoins on crypto exchanges in Canada, like the denial of Tether in the US.

I think the regulators will move to clamp down on any non-KYC (know your customer) digital dollars.”

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