Precious metals expert Michael Christian recently expressed his views on the emergence of central bank digital currencies (CBDCs) in a candid interview with Chad Caton on the show “I’m Fired Up with Chad Caton.”
Central Bank Digital Currency Storm on the Horizon?
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Christian’s interest in CBDCs was sparked when President Biden, shortly after his inauguration, signed an executive order facilitating the Boston Federal Reserve’s exploration of a digital dollar in col· collaboration with MIT. This effort was quickly followed by the New York Federal Reserve, which partnered with Wells Fargo, Citibank and several other major banks to examine the process of implementing this digital currency.
The digital dollar white papers, according to Christian, were meant to assess the viability of such a venture. And the bottom line seemed pretty clear: CBDCs could be the future of finance. He referenced a CoinDesk article that quoted Bank of America as saying that CBDCs “have the potential to revolutionize global financial systems.” Fox Business News echoed these sentiments stating that CBDCs “will come whether countries are ready or not.”
Highlighting the importance of these moves, Christian noted that approximately 114 countries, representing more than 95% of global GDP, are currently investigating the potential of digital currencies.
However, this impending revolution in global finance does not come without dangers. Christian drew a parallel with Germany after World War II when the change from the Reichsmark to the Deutsche Mark caused a staggering 90% depreciation in the value of its currency. Those who survived this financial catastrophe were those who had invested in gold.
With the US struggling under the immense burden of its national debt, unable to make even the interest payments, Christian speculated that the switch to a digital dollar could offer an opportunity to bury that debt. However, this can also lead to a major devaluation of the dollar, making it worth less and less.
In such an uncertain scenario, Christian advised that the true asset worth investing is gold. After all, the world’s banks are buying gold at the fastest pace ever, and it’s not because it’s shiny. As he eloquently put it, “It’s a store of wealth. It’s been real money for 6,000 years…it’s real money in every country in the world.”
According to Christian, these global banking trends hint at a potential return to a gold-backed currency system in the future. As the world continues to explore the realm of digital currencies, Christian’s insights remind us that old stalwarts like gold remain indispensable to the global financial system.
Watch the full segment here:
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