I must have missed this nugget, is it a recent quote? An entirely unsurprising view from a central bank swamp creature, granted.
Discussion
Swamp creature 😂
I like that
Nah, he just believes it's a mania. In his book he likes the "blockchain technology", but ultimately sees it disappearing to CBDCs because they'll have institutional trust.
He doesn't explicitly says it'll go to zero, but it is assumed.
Right. Hard to accept any other reality when your continued relevance is dependent on the status quo.
He has massive blindfolds on.
He doesn't like Bitcoin because it is trustless. In his view, money can only work if it is backed by trusted institutions. Meanwhile, CBDCs are institutionally managed, therefore safer.
He sees Bitcoin as exclusive, because only Bitcoin holders gain purchasing power. CBDCs are implemented 1 to 1, dollar to dollar, therefore inclusive.
The dissonance, when reading his book, is mind-blowing.
He’s a central banker so not surprising he would have that mind set.