According to the ASI president, Central Bank Digital Currencies originate from Satan. And Bitcoin is not an alternative to currency but a speculative financial asset.
ASI is a company that started in 1982 to deal in diverse alternative assets like foreign currencies, precious metals, and the pre-1933 United States gold coins. The company also has a trading platform for metals.
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Rich Checkan recently described the trendy CBDCs that many countries pursue as a “Spawn of Satan.” In his opinion, Satan himself is bringing up the currency from hell directly.
CBDCs Are A Threat To Privacy
Checkan had an interview, the ASI president denounced the Central Bank Digital Currency because he sees them as a threat to people’s privacy. In his opinion, these digital currencies will enable the State to monitor all the transactions which people make and also track their whole lives.
In his speech, Checkan mentioned that CBDCs would empower the governments with excessive control of everyone’s bank accounts. With such power, there won’t be any privacy left for the citizens.
When the ASI president was asked to express his opinion about Bitcoin and its threats to CBDCs and fiat currencies, he mentioned that it is still early to make such contributions.
According to Checkan, Bitcoin usage and performance have remained within the boundaries of the speculative asset class. So far, it hasn’t been valued as a currency to the extent of threatening the United States dollar.
In his answer, Checkan maintained that bitcoin is no threat because there hasn’t been a widespread adoption yet. So, financial operators haven’t tested it as a currency yet. Unless there is more profound penetration into the financial system before anyone can value it as a threat.
The ASI president also surprisingly mentioned that both crypto and precious metals could exist side by side in the financial markets.
However, Checkan believes that they play different functions in an investor’s portfolio. As a result, his position is quite different from other players in the precious metals market.
Instead, the President sees gold as a “Store of value”. He argues that investors should allocate at least 10% of their portfolio to it.
As for Bitcoin, Checkan said that it is a speculative asset although it may upgrade to a future store of value. So, an investor can allocate 1-2% to it.
Central Bank Digital Currencies Adoption in US
Notably, the United States government seems to be slower than other countries as regards CBDC rollout. For now, China is leading the pack.
They have already started a widespread trial with its digital Yuan and have spread it across the system. But the US Federal Reserve has picked interest in the idea since this year and has started researching about it. The research team is identifying the benefits and risks that such adoption will present.
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