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🗓️ 2 January 2025
⏱️ 12 minutes
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0:00.0 | Well, the U.S. dollar, as we know it, is about to change forever. In a recent video, |
0:09.9 | I unpacked all of the ways the U.S. dollar is losing its strength and its dominance as the |
0:14.3 | world's principal reserve currency. If you haven't seen that video, check it out in this card |
0:19.4 | right up here. I think it's up there. Let's |
0:21.5 | go watch that video. But right now, I want you to watch this, because what I didn't quite go |
0:26.4 | into in that video is how all of this is brewing and culminating, making way for the introduction |
0:31.5 | of a central bank digital currency. So today we're going to talk about the future of digital |
0:36.0 | currency, why it poses a significant |
0:38.4 | threat to the United States dollar. Now, a CBDC, central bank digital currency, is being |
0:43.8 | promoted as an alternative to replace the American monetary system, which has been in place |
0:48.6 | since the 1700s. Now, proponents of a digital currency would argue that the advantage would |
0:53.8 | include streamlined payment systems, more secure payments. But there's a little bit of Now, proponents of a digital currency would argue that the advantage would include |
0:54.2 | streamlined payment systems, more secure payments. |
0:57.8 | But there's a lot more that goes into it than just that. |
1:00.3 | In reality, the use of CBDCs would pose substantive risks to the American people who are |
1:05.9 | used to traditional currency systems that offer privacy and independence. |
1:09.9 | Cash, right? So you're basically |
1:12.4 | going to remove cash. You're going to remove the anonymity that comes with basic private financial |
1:17.5 | transactions. I want to pay the babysitter. I want to pay the gardener. Why is the government telling me |
1:22.2 | what I can and cannot do with my money? But it's happening. Moving away from the U.S. dollar could lay the groundwork for |
1:28.8 | what could arguably be the most significant intrusion upon financial privacy for citizens of the |
1:34.7 | United States. And other countries that have already been implementing them, of course we're seeing |
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