Legacy US dollars are NOT CBDCs
The Fed does not directly issue digital cash to the population right now
It issues cash (not a CBDC) and otherwise private corporations issue dollars
Tether is not a CBDC for many reasons but primary amount them is that it does not require ID to use
The central purpose of a CBDC is to surveil and track and control and this isn’t possible to do if you don’t know who is using the money
If Tether starts requiring KYC then maybe it can morph into a CBDC but then it loses most of its global value proposition
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Obviously right now we live in a fiat world where Bitcoin is a small but growing part of the global financial system
I think it’s possible we could live briefly in a fiat world actually “backed” by Bitcoin in the way BW system was dollars “backed” by gold
But not for long. Don’t forget BW only really lasted about 15 years
I think BTC obsoletes / replaces USD but this is still a wild chart (from ZH today)
Crazy to think how much of this has already happened or is in the works
Remarkable BBC piece explaining how Bhutan has used Bitcoin mining off hydroelectric power (which it otherwise sells to India for next to nothing) in order to generate a prodigious stack worth 30% of its GDP 🇧🇹