The President of Asset Strategies International (ASI), Rich Checkan has recently described the Central Bank Digital Currencies (CBDCs) as a product that was “concocted in hell by Satan himself.” Checkan even outlined Bitcoin as a speculative asset as of yet, and not an alternative for currency while calling CBDCs, the spawn of Satan. Rich Checkan the President of ASI Says CBDCs Poses a Threat to Privacy The President of the Asset Strategies International or ASI firm, which was founded back in the year 1982 and deals in alternative assets like expensive metals, foreign currencies, and U.S. gold coins slams CBDCs in his recent interview with Kitco News. Speaking with the streaming financial news provider on July 27, Rich Checkan revealed that CBDCs are a threat to individual privacy as they provide the state with the ability to trace every transaction you make and keep a record of your life. He further noted: “I think central bank digital currencies were concocted in hell by Satan himself, and that they will give governments an incredible control over everybody’s bank accounts which will create a void of privacy for every individual citizen.” The Federal Reserve is currently researching the risks and advantages linked with the adoption of CBDC following the widespread trials of Digital Yuan by China. Is Bitcoin a Threat to The Dollar When asked about whether Bitcoin will be able to replace fiat currencies, Checkan said that till now, Bitcoin has performed as a speculative asset, but currently, he doesn’t think that Bitcoin has the potential to replace the dollar. He said: “It’s not a threat, one of the options for Bitcoin is to be a form of currency, but there’s not widespread adoption and penetration […] so we really haven’t tested that model. Which is why I think it’s partially acting as a speculative asset.” Adding further to his statement, Rich Checkan said that it is too early to say anything about Bitcoin and said: “I think we need deeper penetration and then we will see if it becomes a threat, what the government is capable of doing to hold onto its power position.”
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