Michael Saylor, CEO of MicroStrategy, predicts that central bank digital currencies (CBDCs) will face major challenges amid talks about the US’s potential rollout of its own digital dollar.
In a new interview on Kitco News, the popular Bitcoin (BTC) proponent says the current banking industry will resist the introduction of a CBDC as it threatens to disrupt banks’ prominence in the financial industry.
“The CBDC would be an example of disintermediating all banks, starting with the big banks through all banks and then what is their business? So I think there will be alarmists who will say, ‘The CBDC is coming, get ready.’”
Saylor also sees a bleak future for USD-backed stablecoins, saying a digital currency “will not come in stablecoin form” because the political establishment will see it as giving people too much freedom. He predicts that regulators will find a way to wind down the stablecoin industry.
“The regulators shut them down, like the Wells Notice, the BUSD, like the Custodia Denial Letter, like the Canadian regulators move to prevent you from trading stablecoins on crypto exchanges in Canada, like the US Tether denial .
I think regulators will take steps to curb all non-KYC (know your customer) digital dollars.”
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