Macro guru Lyn Alden warns against CBDCs and says bitcoin is the counterbalance – here’s why
Popular macro expert Lyn Alden says they are “generally not positive” about central bank digital currencies (CBDCs) given the increasing adoption of centralized digital currencies.
In a new interview accompanying David Lin’s report, Alden says CBDCs give authorities “extraordinary control” over end-users.
“Of course the downside [of CBDCs] is that you centralize everyone’s use of the public ledger.
This gives the government extraordinary control. You can monitor everything, freeze funds more easily. They can make it more programmable so they can say interest rates vary based on age or other activities.
I think countries like China are showing some of the more frightening scenarios for how this can play out. Where, for example, they can attach a social credit score to your money and basically just try to control society on a much finer scale than we’re usually used to.
I think we have a decade-long trend towards greater and greater financial oversight and control, and central bank digital currencies sort of represent the endgame scenario for that. So I’m not positive about CBDCs in general…”
The popular macro guru says that while she understands why governments are interested in CBDCs, her focus is on their counterweights like Bitcoin (BTC).
“I can understand why they are interested in using them in some cases. And what I’d rather focus on is building some of these open source alternatives properly.
The antidote to CBDCs, in many cases, is things like bitcoin, which say, “okay, it doesn’t matter where a country’s borders are, it doesn’t matter that nobody can just confiscate your bitcoin if you hold the keys.” ”
According to Alden, in the future there will be a choice between centralized and decentralized forms of money.
“Those are the two sides of the coin that I think people have in their future. They will either get more and more into the centrally managed ledgers.
Or more and more into distributed systems. And away from some of the banking that we have become accustomed to over the past 100 years.”
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