I saw this news and it got me thinking if the growth of Bitcoin in the United States is gonna be hindered since the government plans on introducing the digital dollar. Though I've no idea how it's gonna work.
Quote from: copied from
https://www.msn.com/en-us/money/markets/president-biden-gives-crypto-a-bitter-taste-of-what-lies-ahead/ar-AA1207rpThe White House is urging the Federal Reserve to explore the launch of a digital dollar, or Central Bank Digital Currency, which would be controlled by the Fed. This identical digital twin of the dollar would be entirely regulated.
A U.S. digital dollar "facilitates faster cross-border transactions and is environmentally endurable," the Biden government explained. "It could facilitate financial inclusion and equity by enabling access for a broad set of consumers."
It could also "protect against cyberbullying and operational risks, safeguard the privacy of sensitive data, and minimize risks of illicit financial transactions."
In addition, the White House believes a U.S. digital dollar "could also help preserve U.S. global financial leadership, and support the effectiveness of embargoes."
I don't think this will be that much of an issue since the so-called "Digital Dollar" is still gonna be governed by the Federal Government which makes it not decentralized, unlike Bitcoin.
But what do you guess?
Yes, in my opinion, the digital dollar threatens Bitcoin.....
The digital dollar is essentially an element of a digital concentration camp. The people of the United States have very ancient democratic traditions. However, the mentality of the people changes over time. People can get used to the total control and dominance of authoritarian centralized systems.
This, in my opinion, can damage such a decentralized asset as Bitcoin. At the same time, the Fed can start a real war against the first cryptocurrency.
Bitcoin can be declared the main enemy of the environment and banned from its use in the United States.