In the coming months, we could see a major announcement by President Joe Biden where a completely new dollar regime will be introduced.
This movement, masked as a measure to stop #desdolarización , will affect millions of people across the country. But don't worry, because today I'll share three simple steps to protect your financial future and opt out of this new regime.
Best of all, you don't need to move abroad, get a second passport or have a huge fortune. You can take action from the comfort of your home.
The core of this new regime will be the digital dollar, also known as the central bank digital currency (#CBDC ). This initiative will give the government even greater control over your money. If you think this sounds like a conspiracy theory, I invite you to listen to what Federal Reserve Chairman Jerome Powell said at a recent conference. You can watch the video right here, where his comments about CBDC start at 4:07.
https://www.federalreserve.gov/newsevents/speech/powell20220617a.htm
Don't let them take you by surprise. Now is the time to prepare and take steps to safeguard your financial freedom. Keep reading to discover how to protect yourself in this new monetary scenario and secure your financial future.
Jerome Powell, the chairman of the Federal Reserve, has been outspoken about this idea and it has made headlines.
Yahoo Finance recently posted: "U.S. explores central bank digital currency to preserve dollar's reserve status."
Make no mistake, the digital dollar is a reality and we could be just a few weeks away from an official announcement about it.
If you haven't heard of #FedNow, yet let me explain. It is the infrastructure necessary for a future transition to a digital US dollar. Some even call it “a Trojan horse for CBDCs.”
FedNow is an instant payment system developed by the Federal Reserve, which will allow financial institutions of all sizes to offer instant payment services.
The Federal Reserve has announced that it will launch FedNow in July. This means a "Biden Shock" could be just around the corner.
And the United States is not alone...
According to the Atlantic Council think tank, 114 countries are currently exploring the possibilities of digital currencies. Together, these economies represent more than 95% of the world's Gross Domestic Product (GDP).
In other words, support for digital currencies is virtually universal.
China, India, Nigeria and the Bahamas have already implemented their own digital currencies, while other countries such as Sweden and Japan are preparing for future implementations.
These governments believe that a digital currency would be a significant improvement over traditional forms of money, as it would allow more efficient flow through digital wallets around the world, thus bypassing the complex network of commercial banks and money transfer services. money.
If you've ever experienced the frustration of having a check held at a bank or had to deal with the complexity of wire transfers, the idea of faster settlement sounds like a fantastic improvement.
However, it is important to note that this would also give the government unprecedented power to track and control how each individual's money is spent.
Once a government implements a digital currency, it will gain direct access to each individual's bank account.
For example, should another pandemic occur, the Federal Reserve could simply deposit stimulus checks into the digital currency account of every American citizen.
And if the economy starts to overheat, the government could take opposite measures. It could block a portion of the funds to reduce consumer spending.
Regardless of opinions on central bank digital currencies (CBDCs), this is the future direction of money... and no one can stop this trend.
Until recently, the United States was lagging behind in this trend... but now it is making efforts to catch up.
Now, imagine the incentives the government could offer the American people to ensure widespread adoption.
For example, hypothetically, the Federal Reserve could offer $1.50 in digital currency for every $1 in cash to those who switch from a traditional account to a digital dollar wallet.
How many Americans do you think would accept?
I think most...
According to a recent LendingClub survey, 64% of Americans live paycheck to paycheck. Therefore, most Americans are experiencing financial difficulties.
In my opinion, they wouldn't think twice about making the switch to a digital dollar if they were offered $1.50 for every $1.
Once again, this is a sad reality of the world we live in, and there is not much you or I can do to stop it.
However, there are simple actions you can take today to opt out of this digital dollar system.
Here's the best way to opt out of the digital dollar:
Buy bitcoin on a secure exchange like Binance: Invest in bitcoin, the most established and recognized cryptocurrency. Use a trusted exchange to purchase bitcoin and be sure to do your research and follow good security practices.
Self-custody of your bitcoin: Once you have bitcoin, consider storing it in a secure digital wallet that gives you full control over your assets. Hardware wallets, like offline physical wallets, are especially recommended to keep your cryptocurrencies protected.
With the possible move to a new dollar regime, it is increasingly important to move a portion of your wealth into alternative assets like bitcoin. Here I explain why:
The main advantage of bitcoin is that you own it yourself. No one can take it from you and if you keep it, there are no fees charged. Basically, you are your own bank.
Another reason to own bitcoin is that it is a deflationary asset. This is due to its "halving" feature, where the supply of new bitcoins is halved every four years. There are still several halvings to occur, which will limit the supply of new bitcoins and may increase their value in the long term.
Additionally, bitcoin is highly resilient and robust due to its decentralized nature. There is no central authority controlling it and open source software runs on thousands of nodes, avoiding single points of failure and making it nearly impossible for governments to shut down.
Bitcoin is also experiencing significant growth in users and hash rate, indicating an increase in adoption and strength of its network. This ever-growing adoption, combined with the supply-limiting halving, supports the view that bitcoin's value could continue to rise in the coming years.
In conclusion, the possible transition to a new dollar regime and the implementation of a digital currency may pose challenges and concerns for everyone. In response to these changes, the best way to prepare and take care of your assets is by choosing to have bitcoin and guard it yourself.
By being your own bank and avoiding counterparty risks, you can trust that your bitcoin investment is backed by your own custody and the strength of the network. While the future of money and monetary policies may be uncertain, bitcoin is a solid option for those looking to safeguard their wealth.
I would love to read your comments on this article... How are you preparing for the new dollar regime?
Thanks for reading me, if you liked it follow me and share.
Let's make money,
Erika Espinal
