El Salvador’s President stated why Fed-driven currency depreciation would force people to a decentralized and uncensorable economic paradigm.
El Salvador’s Bitcoin-optimistic president, Nayib Bukele, has projected that the current central banking paradigm of western countries would ultimately give way to a more reliable, decentralized system.
In a Tuesday interview with Tucker Carlson, Bukele blasted both the Federal Reserve and the media’s response to his country’s acceptance of Bitcoin.
Bukele stated during the interview that the Federal Reserve’s ability to issue money is a “moral crime” because it devalues the currency and “robs” its residents’ savings.
He said, “The notion of savings has been obliterated.” “It no longer makes sense to save money… If you saved $50,000 in the ’80s, 90% of that sum has been stolen by now.
As of September, yearly U.S. CPI inflation was nearing its highest level in forty years, at 8.2%. While the Federal Reserve has been increasing interest rates throughout the year to help rein in skyrocketing prices, some organisations are already pressing the central bank to change course before a worldwide recession is triggered.
According to Bukele, people are “awakening” to the dangers of inflation and will seek alternate solutions to avoid it.
Even though he anticipates that the BRICS nations would launch their own economic system, he does not believe that western nations will join owing to Russia’s participation. Instead, the west will seek “independent” and “uncensored” alternatives that are “completely decentralised.”
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