Commentary
In 1861, the U.S. government began issuing paper money. Since then, for more than a century and a half, cash has been king. Very soon, however, there will be a new king in town. This king will be known as the digital dollar.
A large number of Americans still believe, somewhat naively, that cryptocurrencies are the future of finance. They’re not. Although some of the more respectable cryptocurrencies serve some purpose for a small percentage of humanity, for the vast majority of the world’s 7.75 billion people, everyday individuals with everyday problems, they don’t. More importantly, they never will. They are, by and large, a plaything with no actual purpose. Contrary to popular belief, central banks and central governments—not Satoshi Nakamoto or Michael Saylor—dictate the future of finance. That’s why central bank digital currencies (CBDCs) are the next step in the evolution of money….