Jamie McNeill
Agustín Carstens is a Mexican economist who has been serving at the Bank of International Settlements over the course of the past few years, and has recently made statements declaring that the events of 2022 demonstrate that crypto “lost the war” against fiat currencies, and that they therefore aren’t a viable money for the future. His alternative suggestion is that he makes the decisions and controls all of the money in the future via CBDCs.
The head of the BIS has just said that #crypto has "lost the battle" against fiat currency. pic.twitter.com/kzWW12FPsa
— Coin Bureau (@coinbureau) February 23, 2023
In an interview with Bloomberg TV, he stated:
“A technology doesn’t make for trusted money … only the legal, historical infrastructure behind central banks can give great credibility to money.”
Many analysts have pointed out that Carstens is remiss to completely ignore the fact that the “historical infrastructure behind central banks” is but a blip in the larger history of money, given that fiat currencies in their current form have only been in effect since 1971, when the US took the world off the gold standard. The “historical infrastructure” is actually one of far freer markets that he supports.
Since then, quality of life hasn’t been rising nearly as quickly as the trends before this date.
Carstens’ solution is a CBDC
Despite lamenting the fact that “technology doesn’t make for trusted money”, Carstens is one of the world’s largest advocates for central bank digital currencies, a completely new monetary experiment in which central planners have total authority over their populations, who are stripped of privacy and financial freedom.
Carstens ignores the damage central banks inflict
There are many countries around the world in which people have been robbed by their nation states thanks to the decisions of their central banks.
Carstens’ statements only reference the activity that took place in 2022, and completely ignore what has happened over 2023 thus far.
Already in 2023, the Bitcoin price has rallied by well over 40%, and those who trusted the traditional banking system that he purports to support have become significantly poorer, particularly in countries such as the Lebanon, where the value of Bitcoin has risen by over 1,300% since January 1st thanks to the complete collapse of the Lebanese pound.
Relevant news:
- Cameron Winklevoss: Next Crypto Bull Run Will Start in the East – DBS, HK and China Signal He May be Right
- Ethereum Price Prediction – Strong Support Above $1,600, but What Will Catalyse the Next Surge?
- Hong Kong to Create Task Force to Support the Development of Crypto Hub
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This article was written for Business 2 Community by Jamie McNeill.
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