Why I’m Scared of Cryptocurrency, Especially on Black Friday
Are you shopping Black Friday sales on cryptocurrency? If so, you are not alone . Bitcoin is now trading at 54K on Black Friday. That sounds promising, but I am terrified moreso of the risks that come with buying the dip on Bitcoin and other forms of crypto. Especially after the crash today : https://www.forbes.com/sites/billybambrough/2021/11/26/be-on-guard-black-friday-crypto-crash-wipes-billions-from-the-price-of-bitcoin-ethereum-bnb-solana-cardano-xrp-and-dogecoin/.
I recently had an expert on crypto, Brett King, the founder of Moven . We had a great conversation starting with the renaming of the Staples Center to Crypto.com Arena. I had questions about America’s Central Bank, the Fed, starting to surveil us through crypto and bitcoin, etc. That would be the end of America and our rights , as far as I can tell
Brett King told me to ‘separate the politics ‘ and just focus on the benefits of cryptocurrency. While examples he offered of crypto bringing America to a live-able wage, which would be useful considering the record 4.4 million Americans that quit their job in September due to that issue alone. However, a digital wallet leaves the floodgates open to fraud and we already know the Government doesn’t do enough regulation on fraud protection (in my personal opinion). We also know this government is already spying on our banking records of transactions over 600 dollars. What surveillance could crypto truly bring?
I’m also genuinely scared of going cashless as a society, always have been. At the same time, we need to be competitive with China economically again. According to King, they’ve even developed to the point where the Beijing Olympics will be using a MOBILE WALLET only linked to their CENTRAL BANK currency for their transactions. Mr. King believes that cryptocurrency would make us just that. King added, “The US really must modernize their economy. Part of that must be either a Central Bank digital currency or a bastion of cryptocurrency to compete with China, I think that’s really clear.”
While crypto could be very good in creating what we would call a liveable wage and competition, I’m terrified of what would be going on with our data and the possibility of surveillance through Central Bank Currency. That feels like the trade off here to having economic edge on our enemies, and I hope and pray the US Government and consumers choose and think wisely, especially on this Black Friday!
A link to my interview with Brett King is here on Alex Garrett Podcasting !