- Arthur Hayes has called CBDCs “pure evil”
- The former BitMEX CEO warned that the new wave of digital currencies “represent a full-frontal assault” on our sovereignty
- Hayes says that Bitcoin is the antidote, but that window is closing fast
Former BitMEX CEO Arthur Hayes has called Central Bank Digital Currencies (CBDCs) “pure evil” and has suggested that Bitcoin will benefit hugely as they roll out in the coming years. Hayes published a blog post in which he said that CBDCs would exert unprecedented levels of control over how we manage our money, although he also opined that commercial banks might turn out to be an unexpected ally.
“Perfect Tool” for Behaviour Modification
Hayes’ opinion piece didn’t pull any punches, claiming that “CBDCs represent a full-frontal assault on our ability to have sovereignty over honest transactions between ourselves”, adding that the level of control exerted on citizens would make them a “perfect tool for modifying the behaviour of its subjects”.
Hayes argued that central banks have, accidentally or otherwise, gotten themselves into a situation where a CBDC is a more attractive proposition because of the rampant money printing during the COVID pandemic. This, he says, will lead them inevitably to “go all out” with the technology available to them and will be “used by the government to directly control who is allowed to transact and for what.”
Buy Bitcoin While You Can, Says Hayes
This view is nothing new, in fact Hayes is just the latest in a growing line of voices echoing the same warnings. There is one “supreme antidote”, however, which is Bitcoin, although Hayes warns that this window is closing fast:
I am also optimistic because today I still have the ability to buy the supreme antidote: Bitcoin. This window won’t last forever. Capital controls are coming, and when all money is digital and certain transactions are not allowed, the ability to purchase Bitcoin will quickly vanish.
You know what to do (if you weren’t doing it already).