Macro guru Lyn Alden warns against CBDCs, says Bitcoin is the counterweight – here’s why
Popular macro expert Lyn Alden says they are “generally not bullish” on central bank digital currencies (CBDCs) amid a growing use of centralized digital currencies.
In a new interview on the David Lin report, Alden says CBDC gives governments “extraordinary control” over end users.
“Obviously the downside [of CBDCs] is that you centralize everyone’s use of the ledger.
It gives the government extraordinary control. They can monitor everything, they can freeze funds more easily. They can make it more programmable so they can say you know that interest rates vary based on your age or based on other activity.
I think countries like China show some of the scarier scenarios of how that could play out. Where they can connect like a social credit score for example to your money and just basically try to control society to a much finer degree than we’ve usually been used to.
I think we’ve had a decades-long trend towards greater and greater financial monitoring and control, and Digital Bank’s digital currencies represent, in a way, the endgame of that. So I am generally not positive about CBDCs…”
The popular macro guru says that while she understands why governments are interested in CBDC, her focus is on their counterweights like Bitcoin (BTC).
“I can see why in some cases they are interested in using them. And what I’d rather focus on is building some of these open source alternatives properly.
The opposition to CBDC is in many cases things like Bitcoin saying, “Okay, it doesn’t matter what the borders of a country are, it doesn’t matter nobody can like confiscate your Bitcoin if you have the keys”. “
According to Alden, the choice in the future will be between centralized and decentralized forms of money.
“Those are the two sides of the coin that I think people have in the future. They’re either going to get more and more into the centrally managed ledgers.
Or more and more into distributed systems. And away from some of the banking we’ve been used to over the past 100 years.”
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