According to Adam Back, central bank digital currencies (CBDCs) leave people uniquely vulnerable to their wealth being seized and controlled by the financial authority. For that reason, literally every other payment option is better than CBDCs, even the bank account, he says.
“Bitcoin is apolitical, bearer, unseizable money, and that is what matters. Stablecoins [are greater than] CBDCs. In fact, CBDCs are systems of control, worse than bank accounts, certainly worse than paper cash, worse than stablecoins, and much worse than Bitcoin,” Adam Back tweeted in a response to the quote by Samson Mow, JAN3 CEO and former CSO of Blockstream.
Earlier this month, Adam Back, as befits a cypherpunk and a Bitcoin maxi, announced that the Lindy effect will eventually make Bitcoin a new most valuable and perfectly scarce commodity, effectively dethroning gold. The said effect refers to a belief that the older some concept or idea is, the longer it's likely to be around in the future.
“Bitcoin is displacing gold over time, as Lindy effect builds confidence, adoption and awareness grows, more financial institutions offer bitcoin, and as the younger generation inherits investments and wealth - they are more likely to reallocate to BTC than gold.”