Central Bank Digital Currencies (CBDCs) have sparked discussions across the mainstream landscape, drawing attention from both supporters and skeptics. The recent backlash against CBDCs by United States politicians and prominent public figures like Joe Rogan and Post Malone underscores the growing concerns over the implications of government-backed digital currencies.
Post Malone states the potential risk of CBDCs
In a conversation on the widely followed “Joe Rogan Experience” podcast, Joe Rogan and rapper Post Malone delved into their apprehensions about the potential societal risks posed by CBDCs. When asked about the possibility of a U.S. CBDC, Rogan responded vehemently, expressing his belief that it would lead to dire consequences. He stated, “No way, I think that’s checkmate. That’s game over,” a sentiment echoed by Post Malone.
Their conversation took a dystopian turn as Rogan highlighted the potential dangers of a social credit score system, which could be exploited to monitor and control individuals’ behavior. Rogan’s concerns extended to the possibility of government control over people’s finances, emphasizing that authorities might seek to strip individuals of their money to ensure compliance.
The fear of the government arbitrarily seizing funds was presented as a driving force behind compliance, leaving individuals feeling powerless and lacking recourse. Notably absent from the dialogue were references to Bitcoin or other cryptocurrencies. Nonetheless, their discussion resonated positively within the crypto industry, where leaders and figures largely share concerns about CBDCs’ potential adverse impacts.
Exploring all the debates behind the growing adoption of CBDCs
Caitlin Long, CEO of Custodia Bank, who has been engaged in discussions with the government, aligned her perspective with Rogan and Post Malone’s views. She emphasized that CBDCs could signify the erosion of privacy and property rights in financial assets, highlighting the potential dangers of a government-controlled digital currency.
Sam Callahan, a Bitcoin analyst at Swan, a financial services company, welcomed the conversation as a positive step. Callahan pointed out that having influential figures like Post Malone address these concerns on a prominent podcast reflects the increasing integration of these topics into the mainstream consciousness.
This sentiment resonates with the growing dialogue on CBDCs, which has been further propelled by political figures. Two U.S. presidential hopefuls, Ron DeSantis and Robert Kennedy Jr., have contributed to the discussion from opposing viewpoints. Kennedy has labeled CBDCs as “instruments of control,” while DeSantis has accused President Joe Biden of waging a “war on Bitcoin and cryptocurrency.”
As CBDCs continue to gain traction in public discourse, it remains evident that concerns over privacy, control, and the role of alternative digital assets like Bitcoin persist. The mainstream attention drawn by public figures like Joe Rogan and Post Malone underscores the importance of these discussions in shaping the future of financial systems and individual autonomy. As the debate unfolds, it becomes increasingly clear that the path toward digital currency adoption will be accompanied by a complex array of considerations and viewpoints.
