Fed Digital Dollar CBDC: Is It Coming?! What The Stats Say!!

Nobody wants cbdc's study after study Has shown that the voluntary adoption of These dystopian digital currencies will Be low and a recent survey by the Cato Institute found that only 16 percent of Americans support a cbdc the survey also Identified why most Americans oppose a Cbdc why some of them support it and Even how to convince those supporters to Change sides so today I'm going to Summarize this survey explain why people Support or oppose cbdc's and tell you How you can change someone's mind about This sensitive topic this is a video you Don't want to miss The survey I'll be summarizing today is Aptly titled quote poll only 16 percent Of Americans support the government Issuing a central bank digital currency It was published by the Cato Institute Late last month and if it sounds Familiar that's because presidential Candidate Ron DeSantis tweeted about it Now the survey starts by explaining that Central banks around the world including The Federal Reserve are exploring cbdc's For those unfamiliar cbdcs could allow Governments and central banks to Determine what you can buy when you can Buy it where you can buy it and even how Much money you can save Not surprisingly most people are Skeptical of cbdc's including most Americans the survey's authors explain

That the key difference between cbdcs And existing digital payment methods Like credit cards is that the former is A liability of the central banks and the Latter is a liability of the commercial Banks now this is more significant than You think because even though commercial Banks can also restrict your payments And savings you can simply switch to Another Commercial Bank that doesn't do That In a cbdc system there is no other bank You can switch to if you want to retain Your financial freedom obviously this is Not something that the average person Understands in fact the authors found That only 28 of Americans are familiar With cbdc's as a result almost half of Respondents didn't have an opinion about Them of the ones that did 16 said they Support cbdc's and 34 said they oppose Them what's fascinating is that Republican voters appear to be more Informed about cbdc's than Democrat Voters but only slightly about a third Of Republicans are familiar with cbdc's Compared to about a quarter of Democrats This might have something to do with Cbdc's becoming a culture War issue on The right this would explain why Democrats are twice as likely to support A cbdc than Republicans 22 percent Versus 11 respectively it could also Explain why Democrats are often

Anti-crypto and Republicans are often Pro-crypto it seems that one political Party will oppose what the other Supports regardless of the Practical Effects That said the authors found that more Than half of Democrats don't have a Strong opinion about cbdc's and that Almost a quarter oppose them meanwhile More than half of Republicans oppose Cbdc's what matters at the end of the Day is that there's more overall Opposition than support from both sides The authors also examined differences in Cbdc opinions among different genders And ethnicities oddly enough men are Twice more likely than women to support Cbdc's 22 versus 11 almost a third of African Americans support a cbdc and Almost a third of Americans under 30 Support cbdc's too Now the next section of the survey Concerns the connections between cbdcs And the government for context in theory Central banks and governments are Independent of each other in practice Central banks have become more Politicized and in many countries they Are synonymous with the government The authors found that most Americans Would oppose a cbdc if the government Could control how they spend 74 if the Government could see how they spend 68 If the government eliminated cash for a

Cbdc 68 if there was an increased risk Of Cyber attack 65 if governments could Force them to spend during a recession 64 and if the government used it to Freeze the bank accounts of protesters 59 now if you watched our recent digital Euro update you'll know that central Banks have a way of bending definitions To make it sound like they won't do any Of the above in the case of the ECB they Effectively renamed programmable Payments to conditional payments both Will control how you spend And if you watched our previous digital Euro update you'll know that central Banks essentially need to eliminate cash To achieve cvdc adoption this is exactly What's been happening in Nigeria The Central Bank there restricted cash To force the adoption of its e-nira it's Reportedly starting to work the worst Part is that the Cyber attack risk is Very real in fact this seems to be the Reason why larger central banks such as The FED aren't rushing their cbdc Rollouts they need to make sure their Cbdc networks are impossible to hack and Immune to Next Generation Technologies Like Quantum Computing now forcing People to spend during a recession is Also something that central banks have Admitted that they want to do and Freezing the bank accounts of protesters Is something that's already been done

The most famous example is that of the Pandemic protests in Canada early last Year and it's not the only one as I've Mentioned many times before Financial Freedom doesn't mean having a lot of Money it means having the ability to Spend your money however you want with Whomever you want This is something that Democrats and Republicans are hyper aware of both Strongly oppose cbdc's with capital Controls Now the authors point out that Democrats Are slightly more comfortable with the Government seeing all cbdc transactions Just so long as they don't start Controlling those transactions what These folks fail to realize is that it's A slippery slope from the former to the Latter Thankfully opposition to surveillance is Still 61 percent another peculiar Political finding is that Democrats Don't mind if a cbdc causes commercial Banks to go under only 40 percent would Oppose a cbdc in this case by contrast Almost three-quarters of Republicans Would oppose a cbdc that causes small Commercial Banks to go out of business And rightfully so Besides the fact that small and Medium-sized Banks serve small and Medium-sized businesses the big Banks Happen to be the legal owners of the

Federal Reserve via their stakes in its Regional fed Banks this is something That's easy to forget but it's important To remember because big Banks want as Much consolidation as possible in other Words big Banks want the small and Medium-sized Banks to go under so they Can acquire them and continue to grow It's possible that the fed's monetary Policy is being influenced by this Financial incentive and it's conceivable That cbdcs are being designed to ensure This consolidation occurs Take a second to consider that the fed's Upcoming fed now payment system will Make Bank runs that much easier that's Because it will be possible to instantly Wire money out of small and medium-sized Banks and into big Banks custodia Bank CEO Caitlin long is one of many who's Been warning about this anyways the Authors also assessed what makes cbdc's So appealing to some Americans They found that 42 percent would support A cbdc if it were used to combat illicit Financial activity 40 would support it If it were used to ensure that welfare Payments were actually spent on Essentials 33 percent would support it If it were used to bank the unbanked and 32 would support it if it were used to Prevent recessions As you might have noticed support for These supposed benefits is not very high

Not only that but the primary benefit That of fighting Financial crime is Unlikely to be achieved under a cbdc System If you've watched any of our videos About the financial action task force or Fat F you'll know that it is in charge Of fighting illicit Financial activity Around the world you'll also know that Its so-called recommendations haven't Reduced illicit Financial activity According to its own statistics to add Insult to injury up to a third of all Illicit Financial activity is believed To occur within the borders of the United States and yet its countries like The United Arab Emirates that end up on The fat F's naughty lists this just goes To show you that people can't police Themselves because people are Corruptable put simply illicit Financial Activity would probably continue in a Cbdc system because the people in charge Of the cbdc system would have the power To ensure it continues look no further Than the banking system for evidence of That the largest and most compliant Banks get the biggest fines and make no Mistake the same is true when it comes To ensuring that welfare payments are Spent on what they're supposed to be Spent on there will always be a way of Gaming the system All this supposed benefit will do is set

The stage for the government to control Every single transaction now the Author's findings suggest that Democrats Aren't aware of this more than half of Them support cbdc's being used to reduce Illicit Financial activity preventing Recessions and banking the unbanked Republican opposition to these benefits Far outweighs any support anywho the Next section of the survey takes a Closer look at the perceived risks and Benefits of cbdcs the authors found that More than three-quarters of Americans Are more concerned about the real risks Whereas less than one quarter of Americans are more concerned about the Supposed benefits notably Republicans Are significantly more concerned about The risks of cbdcs than Democrats a Whopping 85 percent of Republicans Believe that the risks outweigh the Benefits but only 68 of Democrats feel The same way again all that matters is That both sides generally agree that Cbdcs are bad now to their credit the Authors admit that these findings could Have been different if they had given Participants a different combination of Benefits and risks something tells me That the findings would still lean in The same direction never mind that the List of supposed cbdc benefits is very Short now in terms of Ideal cbdc Benefits Americans want a digital dollar

To carry no additional costs to preserve Privacy to be more secure than other Payment methods and to be easier to use Funnily enough the number one response To this question was none of the above Nobody wants it In terms of real cbdc risks Americans Don't want a digital dollar to control What they spend to monitor how they Spend to censor their payments or to Abolish cash it's basically the same List of risks that was mentioned earlier I'm curious to know why 11 answered none Of the above to this question Anyhow the next section of the survey Explores what is arguably the most Important part of a cbdc and that's Trust if you watched our video about the Upcoming online censorship laws you'll Know that trust in institutions of all Kinds has been declining for decades and Plummeted during the pandemic rather Than act in ways that would make them More trustworthy governments and central Banks have opted to Double Down by Labeling all opposition as Disinformation misinformation and the Like this has been backfiring Spectacularly and the result is what you See nobody wants the damn cbdcs if you Watched our video about us getting fact Checked on Instagram you'll know that Governments and central banks have Started targeting information about

Cbdc's in their online censorship Campaigns fortunately these campaigns Have so far been fairly limited hence Why we can make this video Unfortunately there are still people out There who continue to trust central Banks like the fed and the authors found That they support a cbdc rollout they Also found that people who reported Being quote extremely familiar with Cbdc's are in support of a digital Dollar to the tune of 58 lo and behold There is a large political difference 84 Percent of Democrats who are extremely Familiar with cbdc's support a digital Dollar by contrast 57 of Republicans who Are extremely familiar oppose it as you Can see the correlation between Knowledge and opinion is extremely Political When it comes to adoption 78 of Respondents said that they would not use A cbdc if it was offered men are again Almost twice as likely as women to Support cbdc's African Americans are Again much more likely to adopt cbdc's Than other ethnicities and 40 percent of Young people would adopt a cbdc yikes on That note the bank for international Settlements or bis the bank for central Banks found that between 4 and 12 Percent of people in developed countries Would voluntarily adopt a cbdc this is Lower than the findings of this study

Which suggest that as much as a fifth of People would voluntarily adopt cbdcs but Before cbdcs can be adopted digital IDs Will have to be rolled out now if you Watched our video on this very topic You'll know that McKinsey found that the Adoption of digital ID in developed Countries is around 10 percent this Leads me to believe or rather hope that The voluntary adoption of cbdcs will be Just as low now when it comes to trust In institutions 8 out of 10 Americans Trust commercial Banks more than the Government and the same percentage would Prefer to bank with a Commercial Bank Than the FED for once the statistic Applies to both political parties Democrats don't trust the government Either To really drive the point home the Authors drop a crazy finding quote cbdcs Are about as popular as in-home Government surveillance cameras they Then drop an even crazier statistic 53 Percent of the people who support cbdc's Would support putting government cameras In your home well not anyone on my Christmas card list that's for sure The authors conclude by reminding the Reader that cbdcs are relatively new and That many Americans are either Uninformed or don't have a strong Opinion about them even so early data Suggests that those who are informed do

Have a strong opinion cbdc's should not Be permitted in the United States The authors add that quote it is clear The idea does not have the majority Support that government officials should Seek before adopting a cbdc something Tells me that most governments aren't Going to care how much their citizens Feel about Central Bank digital Currencies so this brings me to the big Question and that's how you can change Someone's mind when it comes to cbdc's Well the answer is education actual Education not propaganda To be blunt too many people have been Getting more of the latter than the Former particularly young people and Men Apparently this is probably because Things like cbdcs have become Politicized in recent years it's Possible that this politicization is a Consequence of there not being much else That people can ground their Personalities in as a consequence Criticism of things like cbdcs is then Perceived as a personal attack in any Case it's clear that people take these Kinds of issues personally this makes Propaganda very effective and education More difficult it also means that you Must be careful to make sure that your Education isn't propaganda because then It will just make the other side angrier Not more informed the bad news is that

There's been lots of propaganda about Cbdc's from both sides the good news is That we're still early enough in the Cbdc discussion for both sides to be Open to education as the study has shown Us there are pros and cons to cbdc's That still need to be examined and Understood right now it looks like the Cons far outweigh the pros regardless of Your perspective the prospect that the Government could control your every Transaction is unappealing to everyone Regardless of their political leaning But what if cbdcs do not have such Qualities when they're released to the Public based on our research it's more Than likely that most cbdcs will be Benign when they begin they'll just be Another tab in your bank account where You pay your taxes and receive tax Returns over time it'll become harder to Argue that the risks outweigh the Benefits When the risks appear to be Absent and then there will be a crisis Of some kind and the government and Central bank will announce some Emergency measures perhaps temporarily Controlling what people can buy by that Point everyone will be plugged into the System and the temporary emergency Measures will become a permanent feature So when you try to educate your friends And family about cbdc's in the coming Years start by acknowledging that yes

They will probably be a better Alternative to existing Payment Systems When they start off this we'll go over Especially well with those who you know Are pro cbdc then do your best to Emphasize the fact that dystopian Features can be introduced to cbdc's at Any time without sounding like an Unhinged conspiracy theorist luckily for You the central banks have been open About how they want to control Transactions with cbdcs show your Friends and family the receipts finally Ask them whether there are any existing Alternatives that could do a better job Such as cryptocurrencies explain that Almost all cryptocurrency transactions Are transparent and they can't be Stopped by a centralized Authority isn't That preferable to a closed controlled Payment system after all governments Around the world are starting to use Crypto for payments and soon they could Start using them for international trade Come 2025 central banks could start Holding cryptocurrencies on their Balance sheets so if it's good enough For them then surely it's good enough For us right you can learn more about That using the link in the description And that's all for today's video my Friends if you found it informative Smash that like button to let me know be Sure to subscribe to the channel too and

Ping that notification Bell to make sure You don't miss the next video Whether you've been hoddling through the Recent crypto market crash or trying to Trade it the coin Bureau deals page has Something for you we have some of the Biggest discounts of over 50 and Exchange bonuses of as much as forty Thousand dollars on offer the link is Down in the description thank you all so Much for watching and I'll see you next Time until then stay cool stay safe and Stay crypto Foreign


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