At least the conversation on the alternative form of currency has initiated. With that perspective, it should be celebrated by the enthusiasts who are talking about digital assets. As you rightly pointed out, digital dollar is nowhere to near to the true sense of digital assets blockchain pioneers aimed for. Transparency is a key factor that differentiates these two. I would rather say that digital dollar is just the digitization of the cash flow system of the current form of USD. It will digitize and expedite the process but will not adopt the concept of blockchain.
Nevertheless, it will for sure fan the conversation and interest around crypto assets.
In the end, it will expose more people to what is taking place within cryptocurrency and, ironically, could actually speed up adoption of other digital assets.
People tend to fear what they do not know. Once they are exposed to digital currencies, one will look like another. Thus, the idea of a true crypto vs a cbdc will be more accepted.
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Exactly. People will be more receptive to wallet and keys culture I guess. Most of the bank operation is already digitized and the major chunk of the population is using digital cash in the form of plastic cards and mobile payments. The idea of CBDC is a prep ramp for the mass adoption of crypto.
Agreed. Once people get accustomed to digital assets, they will be open to others.
I still believing gaming will be the main on-ramp for large numbers, something that is going to operate outside of regulators and governments. They are focused upon payment systems when NFTs are wealth assets.
By the time they catch on, they will have too big a problem on their hands. After all, in the US, they are still going through the ICOs which happened four years ago. Next they are going to have to sift through all the DeFi.
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I think that's the irony in a true sense. You have to be disruptive to build. You are right, it will be too big a problem to handle. The wealth assets and associated infrastructure may help or force the regulators to skip steps in allowing the concept into the mainstream.
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To me, that is key. The wealth that is held in crypto/digital assets versus the currency system.
I do not know the number that needs to be hit but when there are trillions of dollars in those classes, that will be too much for the establishment to fight.
We need a quick 10x since we are sitting at a few hundred billion dollars. That would get us to $3 trillion or so, that might be enough to announce "game over".
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So, the space has to be significant enough for them to be able to not ignore. From where we are at, that sounds like an anti-regime but that's where the ship is headed right now.
I totally agree.
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