Bitcoin Maximalist Michael Saylor: Banking Establishment To Oppose CBDCs

It’s been just reported that MicroStrategy CEO Michael Saylor predicted the fact that central bank digital currencies (CBDCs) will face significant challenges. This has happened amid talks of the US possibly rolling out its own digital dollar.

According to a recent interview on Kitco News, a well-known supporter of Bitcoin (BTC) believes that the current banking industry will resist the implementation of a CBDC, perceiving it as a potential disruption to their dominant position in the financial sector.

“The CBDC would be an example of disintermediating all the banks starting with the big banks down all the banks and then what is their business? So I think that there will be alarmists that will say, ‘The CBDC is coming, get ready.’”

According to Saylor, the outlook for USD-backed stablecoins is not promising. He believes that a digital currency will not be in the form of a stablecoin because the political authorities will view it as granting people excessive independence. He anticipates that regulators will devise a means to phase out the stablecoin sector.

“The regulators are winding them down like the Wells Notice, the BUSD, like the Custodia denial letter, like the move by the Canadian regulators to prevent you from trading stablecoins on crypto exchanges in Canada, like the denial of Tether in the US,” he said.

He continued and explained the following:

“I think the regulators will move to clamp down on any non-KYC (know your customer) digital dollars.”

Bitcoin has been making headlines lately due to more optimistic predicitons.

For instance, according to Arthur Hayes, the founder of BitMEX, the macroeconomic conditions seem to be turning in favor of Bitcoin (BTC).

During a recent interview on the “What Bitcoin Did” podcast, a seasoned crypto expert shared their belief that the government’s response to a debt deadline crisis typically involves waiting until the eleventh hour before raising the limit.