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?
So far, it has been widely heard that America, especially the FED wants to issue digital dollars to be more efficient and reach a wider range than using conventional dollars, but will that affect bitcoin?
I don't think so, because after all bitcoin position has been strong enough as an investment asset and so far people are more inclined to see bitcoin as the right alternative as a digital currency as well as an investment asset, besides that if we review many issues in the past related to digital money (CBDC),so it's not just America that has planned it, China, India, Indonesia and even several other developed and developing countries have also planned it in advance but in fact until now we haven't found the digital currency of these countries are realized.