Bitcoin Could Be Ruined by the CBDC Launch, Says Arthur Hayes

The co-founder of the BitMEX exchange and well-known trader and crypto expert Arthur Hayes has shared his thoughts on what he believes will occur to Bitcoin if most Central Bank Digital Currencies (CBDCs) are eventually introduced.

In a press statement, Hayes has described the CBDC as “pure evil” as, in his viewpoint, it will give the entire government power to amend laws pertaining to a range of subjects, including the consumption of Bitcoin.

He asserted that the right of people to self-govern fair commerce among themselves is directly violated by CBDCs. The CBDC, he continued, will have an impact on banks because it poses an imminent crisis to their capability to conduct commerce.

He added that he thinks the voter's apathy will allow the government to easily replace fiat money with CBDC, ushering in nightmares of financial surveillance. He did, however, make a suggestion that commercial and domestic banks might act strangely as a collaborator to prevent the federal government from implementing the greatest CBDC design for stifling the public

Hayes further emphasized that the government is attempting to combat economic inflation by using CBDC. However, he asserts that doing so might harm the blockchain sector, which would harm the general public. He only believes that utilizing CBDC would be successful since he believes that the inflation that will shortly be felt will be very distinct from what the industry has faced over the preceding 50 years.

The Predominance of CBDC as a Trading Instrument

A CBDC is a sort of accepted digital money, commonly referred to as “digital cash.” It is basic money, exactly like actual money, and a central bank responsibility.

So many nations have already started experimenting with CBDC by accepting it as payments for products and services. For instance, the Canadian government has started holding consultations on the CBDC's use. The use of digital content and currencies around the world was highlighted in a government source recently made by Deputy Prime Minister Chrystia Freeland.

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