In this short clip, Patrick Bet-David, Michael Saylor, Tom Ellsworth and Adam Sosnick talk about whether CBDC will destroy bitcoin.
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Crypto price warning China Biden and the FED could be about to this could be About to destroy all value of Bitcoin Okay so let's see if this is just a Propaganda if there's any credibility to This story with cbdc Bitcoin price has Doubled since November reaching around 30 000 per Bitcoin despite criticism and Negative declarations Texas Senator Ted Cruz has warned that Central Bank digital currencies Inspired by Bitcoin and digital Currencies could destroy all value of Bitcoin and undermine its anonymity and Decentralization China is currently Leading the way with the digital one Which some see as giving governments Unprecedented power to surveil and Control citizens Crews introduced Legislation to prevent the creation of a Digital dollar saying the US government Has no authority to unilaterally Establish a central bank currency he Added that those who want a cbdc dislike Cash because it is not subjected to Centralized control and constant Surveillance which is a key feature of Digital currencies despite its concerns About cbdc Crews remains incredibly Bullish on bitcoin calling it clearly The alpha in the current crypto sphere Are you just as concerned about this as Senator Cruz's Um I you know every time a politician
Wants to ban guns there's an explosion In demand to buy guns Right and so uh so talk about cbdc's Really is a marketing event that causes Everyone to think about a world where They don't own their own money And that makes them think well what kind Of money could I acquire that I would Own and the most censorship resistant Monetary Network in the world is Bitcoin So interest in cbdc's is just going to Drive more feverish interest in Bitcoin It's uh it's actually Driving awareness and Bitcoin is growing As people become more aware that they Need something which is Non-sovereign store of value nation State resistant So and if there's hyperinflation people Want Bitcoin that's why they are Thinking about Bitcoin in Argentina or In Nigeria or anywhere in Africa right Now if there's moderate inflation people That are sensitive to it will go for Bitcoin and then the people that think The inflation will go away will look at It as an oddity Um but you know money is uh it's a store Of value a unit of account a medium of Exchange and then there's a fourth Characteristic that we don't talk about It's the it's the thing that's not said It's a system of control So certain monies are easier to control
Than others For example you know we we talk about Gold as money but you ever try to carry Um a gold bar through an airport very Heavy uh you know try it next time Um you know they won't let you through Right in fact if you tried to carry a Hundred thousand dollars of gold to an Airport Not only would you not get Through but the assumption would be You're a criminal you stole the gold and They would just take it and keep it Without a court order Now Try to carry a hundred thousand dollars Of cash through the airport you ever try That put it in a bag and just you can Put it in a bag and as you're walking Through the TSA check or the uh the X-ray machine just nonchalantly say to The officer yeah I'm carrying a hundred Thousand dollars of money onto the Airplane Right you won't get through now not only Will you not get through they'll just Take your money Right they'll just take it and the Assumption will be you stole it okay so Cash is a unit control now put a hundred Thousand dollars in a bank and try to Wire it uh to someone or just take it Out and they're going to ask you why Tell them it's none of their business Uh try to send it to someone uh
Privately tell them you just want to Send it to a numbered Swiss bank account Right see how that works that won't work Right uh that's a system of control Um a couple of stable coins have been Getting shut down paxos is busd got a Wells notice they got shut down and Custodia tried to launch a bank and they Wanted issue Ave it avids were digital Dollars and they were digital dollars That were going to circulate on crypto Networks And uh and The Regulators denied that Banking license and it's about a 70 page Denial letter very articulate and I read It all I read thousands I read all of The crypto uh legislation and all of the Crypto uh litigation so if you dig into That denial letter which is very well Written uh and articulate what is very Clear is that is is the regulator say We're not going to allow the bank to Form because we don't want to issue Someone we don't want someone to issue Digital dollars that will circulate on Crypto networks non-kyc well you know Evading our money law our anti-money Laundering rules our anti-terrorism Roles or or know your customer rules So it's clear that The Regulators reject With prejudice the idea that you can Circulate large sums of dollars without Reporting that now that's a political Football right because a lot of people
In this country think that you should Own your own money and you should have Financial privacy and you want to be Able to do what you want with your money There's another group of people that Don't agree right Ted Cruz is on the Side of Freedom you ought to own your Own money now it turns out that um if Your money's in a bank you're not going To be able to circulate it freely it's Controlled Um and on the other hand Bitcoin is the One network you can't control you know Ted Cruz's famous line is I like Bitcoin For the same reason the Chinese don't Like it they can't control it nobody can Control Bitcoin so if you're if you're Insecure about being able to own your Own money do you own it and can you Actually use it without asking Somebody's permission Then the solution Is Not Gold it's not Silver coins it's not stacks of cash It's not money in a bank in the U.S it's Certainly not money in a bank in Lebanon Argentina anywhere in Africa those Banks Won't let you they won't let you take Your money out of the bank go look at Nigeria forty two dollars a day that's How much you can take out of the bank They're keeping your money So the one network that you have that Gives you a decent chance of owning your Own money and then being able to spend
It the way you want is Bitcoin so I'm Not worried about Bitcoin I do think that there'll be a massive Political fight over cbdc's there's a Technical challenge our government Doesn't know how to issue a cbdc we Don't know how to issue digital currency The people that are issuing digital Dollars are the cryptocurrency people Right you know paxos knows how to issue A digital dollar right and The Regulators Cinema Wells node is saying Shut down So the private Market knows how to issue Digital dollars the government doesn't The EU doesn't the feds don't and so Even if they wanted to they can't Technically right now without somebody Else's help but as long as Congress is Split right it seems to me quite clear There's a large faction uh by the way on The Democratic and the Republican side I Mean Robert F Kennedy I don't think's in Favor of a cbdc nor is Ron DeSantis in Favor of a cbdc so there are a lot of Free thinking politicians in both Parties that are adamantly against Having a system of control where the Government can decide how you you know It used to be ten thousand dollars was The cutoff of the report right it used To be you had to report when you wired Ten thousand dollars and that was back When ten thousand dollars was worth
Something right it used to be I think it Dates back what 30 50 years or something So it used to be ten thousand dollars Was a lot of money and then they kept The the ten thousand dollar limit and uh Inflation creeped up and pretty soon ten Thousand dollars is is not nearly so Much money and what we're seeing is a Encroachment of that where now people Are starting to lobby for the government To get a report on everything spent more Than six hundred dollars and they lower The number well who's supportive of that I mean right now if you look at Federal Reserve here's a tweet from Ron DeSantis You were talking about April 7 the Federal Reserve has made no decision on Issuing a central bank digital currency And would not do so without clear Support from Congress and executive Branch uh ideally in a form of a Specific authorizing law a cbdc would Not replace cash or other payment Options and then the census at the Topsis it is not merely ideal that major Changes in policy receive specific Authorization from Congress it is Constitutionally required unaccountable Institutions cannot impose a cbdc on Americans they will tell cbdc won't be Abused but we are wise enough to know Better this wolf comes as a wolf Michael the question I'm asking is this Whole thing with 600
Forget about the politicians that want It we understand why they would want it You can control and see what people are Doing what what average voter wants to Vote for this who who the average American that would say I'm okay with This I I'm sure the overwhelming Majority of the population is adamantly Against it and I would say a decent Majority of politicians are against it But there is a French Wing that wants to Impose control over everybody and they Don't trust anybody and and you know Heck at some point they would probably Like to see how you spend 50 bucks and Uh and that's that's the control freaks In uh in the political sphere Uh you know politicians have shown Themselves quite capable of interfering In your Private Affairs and and for the Last three years have shown anything They've shown that people can come up With some justification to tell you how Many people can sit at your dinner table On Thanksgiving right and and so There'll be some of them I I don't think That politically it's going to fly in The near term and and the next two to Four years I don't see consensus at the Political level to impose a cbdc but I Think so I think it's it's like that Persistent boogie man where people say Oh it's coming and the result is Is uh more interest in the antidote to
It so I I don't think it's bad for Bitcoin I think it's good for Bitcoin I Do think we ought to be concerned about Money being used as a system of control Is very disturbing yeah I think you you Bring up an interesting point there and Rob I just flipped you something can you Grab that Um speaking of systems of control I want You to look at this picture of uh the Two diplomats from India and Russia and I think you know what I'm talking about Um it went down in the last 24 hours I Just sent you the uh the link to it Rob Take a look at that the Russian guys on The left the Indian guys here Russia has Got billions of dollars trapped in India That is in rupees and India is saying You can't move them but if you want to Use them to pay for labor to build Things we're happy to do things what do You need Bill and so this is a system of Control here this is two governments Together and India look at the posture Of the guy from India and look at the Posture of the guy from Russia Um so when we talk about systems of Control this goes all the way up to the Way governments control each other this Is India sitting on billions of dollars It won't let Russia take back India Bully and Russia what would you have Thought that would happen That just doesn't make any sense but
Good for them good for the Indians I Have a question for Michael just on the Heels of basically what Pat read about The DeSantis Um you know there's a story here I think It's Sb7054 it's a question basically Regarding Florida we're here in Miami we You know we dealt with the traffic DeSantis the the CFO of Florida's Jimmy Petronas he had some very harsh words uh On cbdc's he called it government Surveillance he said it could lead to Financial slavery and political tyranny So I you said that if they were going to Have some Um agenda to push through cbdc's they Would have to essentially have some sort Of public-private partnership right the Government's not going to do it on on Their own who would lead that charge and What would they how would they sell that To the people is it Gary Gensler of the SEC in partnership with certain Congress People like walk me through how would Would even happen and get approved via Congress well I don't I mean to be clear I don't expect it to happen I I don't Think uh that there is consensus in the Democratic party or the Republican party To implement a cbdc I don't think they Know how to do it I think there's Resistance to it Um I I think that what's going on right
Now is there's a regulatory Crackdown on Crypto and so what what what is Happening is the administration is is Cracking down on crypto exchanges It's cracking down on crypto securities It's cracking down on some of the crypto Tokens and it's cracking down on crypto Currencies and by currency I mean a Stable coin like a dollar circulating And I think that that's uh creating Quite a lot of Sound and Fury and Friction and anxiety in the industry I Think uh I I think it'll continue There is no coherent digital asset Framework that's been offered by any Regulator There isn't any coherent digital assets Framework offered by any legislator We're nowhere near that like there's not A bill we're debating that if it gets Voted on we'll solve the problem there Is no bill okay and so the you know the Talk about cbdc's uh gets people you Know quite spun up rightfully so but I Think the story here is cbdc's are going To be a non-starter in the Free World And even in the place that's closest to Is China I suppose And uh and so I I really think that It's uh it's a it's a Chinese concept And I don't really think in the Free World we want to be like the Chinese and I think ultimately uh both sides of the Aisle will agree on that so if you like
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