Most other central banks have not done as many years of research into CBDCs as China has and are not able to move that quickly into a new currency system. I think what we will likely see in the United States is a growing usage of regulated and permissioned stablecoins, including entities such as USD Coin, Diem and others. This can be thought of as a public/private partnership in some ways as these technologies get more integrated into the banking system. 

Meanwhile, Bitcoin has been operating for nearly 13 years with increasing adoption and is the digital asset that can be thought of as sufficiently decentralized, with the battle scars to prove it. My expectation is that it’ll continue to grow over time and become an increasingly attractive form of global collateral and global money. I think the world will maintain various currencies in various ways, but I expect Bitcoin to grow its market share quite a bit from its current small levels. I certainly wouldn’t bet against it, and unlike CBDCs and stablecoins that degrade in value over time, Bitcoin represents a way for everyone to have inflation-resistant, confiscation-resistant savings that they can custody if they choose to. 

Most other central banks have not done as many years of research into CBDCs as China has and are not able to move that quickly into a new currency system. I think what we will likely see in the United States is a growing usage of regulated and permissioned stablecoins, including entities such as USD Coin, Diem and others. This can be thought of as a public/private partnership in some ways as these technologies get more integrated into the banking system. 

Meanwhile, Bitcoin has been operating for nearly 13 years with increasing adoption and is the digital asset that can be thought of as sufficiently decentralized, with the battle scars to prove it. My expectation is that it’ll continue to grow over time and become an increasingly attractive form of global collateral and global money. I think the world will maintain various currencies in various ways, but I expect Bitcoin to grow its market share quite a bit from its current small levels. I certainly wouldn’t bet against it, and unlike CBDCs and stablecoins that degrade in value over time, Bitcoin represents a way for everyone to have inflation-resistant, confiscation-resistant savings that they can custody if they choose to.