Not saying they will or that its even likely... just a possible path for them to take to quietly inject CBDC into the American monetary system.
Discussion
Initially I thought it was likely they’re going to try a fork a bait’n’switch or control game of sorts, but now even with their power and influence over the financial industry and mainstream media I think it’s laughable
Not only would they have to convince or instead replicate the existing infrastructure
It would be all too easy to verify if you had Bitcoin or their Shitcoin and that signal from the entire community would be too loud
They’d be better off joining JPMorgan and hijacking mETH
I don't think the aim is to take over bitcoin. Their target is CBDC injection. By using the Bitcoin ETF, they can easily swap out the underlying asset from Bitcoin to CBDC. Now theybhave their mechanism and funding pool to distribute initial batch of CBDC from.
Bitcoiners won't be fooled but fed don't care. Normies will buy the ETF, not Bitcoiners. Their goal is mass CBDC adoption and the normie population won't care what is technically under the hood. Fuck longest chain, fuck consensus, the ETF/Blackrock/Murica says this is Bitcoin so it must be, right? All they see is the headline "USA now supports 'Bitcoin' - buy ETF, number go up"
I got you 👍
So what do you think would happen to the FED or what role would they play?
And do you think this would be one of possibly multiple ways to get people on to CBDC?
I think the Fed will continue to be the money printer. Simply shift their role from printing USD to authorizing the issuance of CBDCs. They might federate it through the existing banking infrastructure (ie. the fednow infra they r putting in place now)
The bastardized Bitcoin ETF gives them the ability to set base pricing and foster a derivitives market based on their shitcoin that they control. It's fiat debt economics on steroids with dystopia surveillance/control baked right in.
In terms of CBDC introduction, they would need to "contaminate" mainstream digital banking system as quietly as possible. But that's easy since we are already using "digital dollar" and 90% of people won't question nor understand the difference.
A CBDC underlying Blackrock ETF will be one easy way to convert a large number of institutional holders who wont care as long as it looks like number go up (ex. shitcoin casino). Again, they now control pricing and enable derivitives which are essential to a debt economy.
Converting large credit company's will be simple by convincing Visa/Mastercard/Amex to move their underlying settlement rails to CBDC for cheaper, faster settlement.
Then the regular American public' holdings will be easily converted through banking incentives - convert your account to a CBDC account and get a free $100 today! Settlement is faster, you get shitcoin defi-like high yield interest
Tldr: cbdc conversion is easy if they can co-opt and control the following pillars:
1. Blackrock ETF controls price and enables derivitives
2. Credit cards control payment rails and movement of money
3. Banks control the physical custody
When you control base price, movement, and holdings, you control the system as a whole.