The rise of central bank digital currencies (CBDCs) could lead to financial serfdom by allowing authorities to control transactions closely. Augustin Carstens of the Bank for International Settlements indicates that CBDCs will enable absolute control over usage rules and compliance with government policies, raising concerns about personal financial freedom. CBDCs could impose restrictions on purchases, savings, and investments, undermining autonomy over one’s money. Politicians may promise not to implement such controls, but future leaders may have different views. In contrast, Bitcoin offers a decentralized alternative, free from censorship and confiscation. It has proven reliable during various financial crises, maintaining uptime and security. As major economies like the European Central Bank develop their digital currencies, concerns arise that similar control mechanisms will be embedded in ostensibly decentralized stablecoins in the U.S. Enhancing reliance on government-controlled digital fiat poses significant risks, while Bitcoin remains a self-sovereign solution to resist monetary oppression and financial institutional failures.

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