Balaji Srinivasan Says Millions Of Worried Depositors May Transfer Money To Bitcoin As Banks Get Too Big To Escape
Former Coinbase CTO Balaji Srinivasan believes Bitcoin (BTC) is the way for US citizens to leave the monetary system to escape government control.
Srinivasan says in a new interview with Bitcoin bull Anthony Pompliano that he is particularly concerned about the Federal Reserve’s plan to launch its new digital payment and settlement service, FedNow, in July.
The former Coinbase CTO refers to the service as a central bank digital currency (CBDC). According to Srinivasan, FedNow could give the government more control over people’s finances.
“It’s really going to be one of two things. First, there are all kinds of chaotic printing and bank runs in the coming weeks as worried depositors check their money, and the big divisive point is whether to transfer it to big banks or convert it to Bitcoin. And it literally determines whether freedom lives, as funny as that sounds.
Because if everybody connects to big banks, and they think, ‘Oh my God, the Fed saved us, the big banks saved us,’ and all the small banks and all the tech banks and so on die, well FedNow CBDC, which they chose to announce even in the middle in this crisis… then all the money is trapped in all the big banks, and then in July you only have four banks left or whatever, the CBDC is rolled out, and ‘too big to fail’ becomes ‘too big to fail’ escape’. You literally can’t spend your money without government approval on anything.”
According to the Federal Reserve, the FedNow service aims to enable businesses and individuals to send and receive instant payments at any time. However, the Fed did not say it plans to use CBDCs to process payments.
The Biden administration is currently investigating the possibility of using CBDCs to issue digital dollars.
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
