Why Bitcoiners Fear CBDCs: Imagine The DMV Controlling Your Wallet

Bitcoiners seem to be more aware of the dangers of CBDCs, which could enable governments to easily lock citizens out of their own wallets.

This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, Q is joined by Lord Norris, the senior vice president of global partnerships at Going Parabolic Ventures, to discuss the looming threat of central bank digital currencies (CBDCs).

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Lord Norris: When it comes to CBDCs, like … nobody knows anything and they're not like, concerned about it…

I guess what I'm getting at [is] do you, when you meet random people, when you're talking to them, is this something that people are aware of? Because when I do bring it up, people are like, “oh no, that's not… that would never happen here.” And I'm like, all signs are leading to: They're gonna wanna start pushing this. And you saw the note from the Federal Reserve, like “we're researching it” and all these things like… I'm kind of of lost and maybe it's because I'm in the Bitcoin bubble world that I know about this...

Q: Specific to CBDCs, with my normie friends, absolutely not. I still have a lot of ties to normie land, if I'm being quite honest with you. And it's split. Half of my friends, literally won't stop asking me about Bitcoin- or crypto-related questions. And then the other half just have no interest whatsoever in having those types of conversations with me…

It is nerve-wracking… IF the governments want to roll out a CBDC, I can choose whether or not I interact with that technology and how I interact with that technology. But worrying myself over, they’re gonna introduce this state-controlled monetary surveillance tech? Ultimately, no. It’s out of my control. 

Q: Truly, all a CBDC is state-run money that they can see every transaction in real time…

There's now gonna just be someone with a government job, so, think a DMV worker who is gonna be watching what you spend your money on. And if you spend your money at the wrong time of day, go to the wrong place, spend it on the wrong thing, or this guy just, I don't know, slips on his fucking keyboard, accidentally, like, now all of a sudden, like your wallet's shut down.

Q: So imagine now, instead of having to call like a bank where customer service is actually a part of how these banks compete with one another, now all of a sudden you have the government that doesn’t care because they are everyone’s bank. Everyone has got to use them.

Imagine getting locked out on, truly just an accident. Someone pressed the wrong button and you do not have access to your money because it’s state-run money, but you’ve got to wait like a DMV’s line almost to get your wallet unlocked.

That’s a scary proposition.