Jerome Powell, US Federal Reserve chief believes that a digital dollar has the ability to outrun Bitcoin and other stable coins of Cryptocurrency. You wouldn’t need cryptocurrencies, if you had a digital US currency says Jerome Powell.
Almost Every country is trying to understand and hold the outburst of cryptocurrency. Countries are hiring people to understand this complex market and define new rules by which they can have the control back to them. The most of countries are trying to launch their own digital coin which in their view will be able to compete with Bitcoin and Other stablecoins.
can digital dollar fix all the probelms?
Jerome Powell, the chairman of US Federal Reserve thinks that a digital dollar of US can make all this crypto market vanished. Powell said this in a testimony ceremony that how central bank digital currency is going to fix all the problems. He said:
You wouldn’t need stable coins, you wouldn’t need cryptocurrencies, if you had a digital U.S. currency.
One thing that Powell didn’t get is that the difference between the digital dollar and crypto is not technical (there will be a lot of other technical aspects), rather of control. Bitcoin is more valuable due to the fact that no one can manipulate the total supply of 21 million coins. Bitcoin is unable to be manipulated, uncensorable, and unseizable.
On the other hand US dollar has unlimited supply, has a full node, and Token airdrops are provided to political- connected insiders.
The feature of US dollar describe “sh*tcoin” in terms of crypto. The fact of the matter is that the U.S. dollar is a far inferior monetary asset than bitcoin, and pricing bitcoin in other denominations shows exactly this. For such interesting content click here.