Bitcoin evangelist Max Keizer took to the stage today at the Labitconf Bitcoin conference in El Salvador to talk about the role of central bank digital currencies (CBDCs) in the monetary future of our society and the associated impact on Bitcoin. The panel, moderated by Bitcoin Magazine’s journalist Aaron van Werdenum, was broadcast live for those who were unable to attend the conference in person.
“CBDCs are just a replica of the current fiat monetary system, except that they make it worse,” said Keizer. “It is completely centralized and gives the state greater oversight powers. The opportunity to save money will be gone. “
Keizer went on to explain how CBDCs could allow central banks and governments too much power that could ultimately violate the privacy and freedom of individuals around the world. The Bitcoin bull asked whether such developments by central banks, which create “a digital representation of the fiat currency”, as explained by van Werdenum, are in the best interests of the people.
“If states cared about the people, they would stop devaluing the currency; they would not leave interest rates at zero; They wouldn’t let crooks have a business model where they keep 90 cents of every dollar they steal, ”he added.
The speaker then articulated how Bitcoin is uniquely positioned to enable citizens to save and spend when and how they see fit, a stark contrast between the opportunities offered by CBDCs and governments’ monetary policy tools.
“I think of Bitcoin as the new guillotine, and we are about to enter a new reign of terror,” he added. “But it will be a silent reign of terror; Instead of beheading them, we’re going to decapitalize them, defuse them. Because they love their fiat money and they will print it and bankrupt themselves. “
Keiser’s remarks may seem radical and one-sided, but citizens of the least favored countries are already facing this reality today. In “Check Your Financial Privilege,” Alex Gladstein of the Human Rights Foundation tells how people in developing countries use Bitcoin to protect their savings and bypass a cumbersome financial system that is oppressed and sanctioned.
By the end of the panel, Keizer changed his tone as he began to talk more about Bitcoin itself and focus on the opportunities the solid currency system enables. He explained how Bitcoin promotes peaceful resistance and promotes a freedom-based society.
“A lot of people will realize that violence and coercion don’t work,” said Keizer. “We will be more human than ever when it comes to equality, with the hardest money ever.”
Bitcoin has the potential to introduce society to a more inclusive and equitable financial system that does not differentiate between users. The peer-to-peer currency network resets the predicaments of the traditional financial system and replaces them with the ideals of proof of work, freedom and individual sovereignty.
“Satoshi is love and that is our goal,” concluded Keizer.
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