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US Federal Reserve’s CBDC View and the Push for Bitcoin & SHIB

source-logo  cryptonewsland.com 18 October 2023 03:22, UTC
  • Federal Reserve Governor expresses doubt over the need for a Central Bank Digital Currency (CBDC).
  • Speculations arise that the US prefers a global approach over a localized CBDC.
  • Bitcoin and SHIB touted as potential inflation countermeasures due to their decentralized and deflationary nature.

Recent comments by the Federal Reserve Governor questioning the necessity of a Central Bank Digital Currency (CBDC) for the US have ignited discussions among cryptocurrency enthusiasts and experts alike. The Governor’s stance suggests a preference for a broader, global approach, rather than focusing on a local CBDC solution.

Such sentiments resonate with a section of the crypto community that believes that rather than diving into CBDCs, the US might be better served by acquiring decentralized cryptocurrencies. Among these, Bitcoin stands out given its reputation as ‘digital gold’ and its proven resistance against inflationary pressures over the past decade. Additionally, tokens like Shiba Inu (SHIB), despite being relatively new, are also being considered due to their deflationary mechanisms.

Federal Reserve Governor doesnt see the need for CBDC 👇

IMO US wants a global approach& CBDC is local . They should consider acquiring tons of #Bitcoin & #SHIB coz only a decentralized & deflationary token will work against inflation https://t.co/3g57ENI85I

— Lola (@CryptoLollla) October 17, 2023

The argument for embracing decentralized cryptocurrencies is straightforward: In a world grappling with inflationary concerns, tokens that are decentralized and inherently deflationary can act as a hedge, preserving value and providing economic stability.

While it’s still early to determine the direction the US will take, the evolving discussions highlight the significance of decentralized digital assets in contemporary economic dialogues. As countries worldwide debate the merits and challenges of CBDCs, the allure of established cryptocurrencies, with their global user base and proven mechanisms, becomes increasingly hard to ignore.