Barry Silbert Says, Central Bank Digital Currencies Are Good for Bitcoin

Barry Silbert, CEO of Grayscale Investments and Digital Currency Group, believes if central banks issued their own cryptocurrency, Bitcoin would benefit greatly. Reported by Cointelegraph, Central Bank Digital Currencies, or CBDC, are cryptocurrencies that are controlled by a federal regulator and represent fiat money in digital forms. No government has yet to launch a CBDC yet, but there are many exploring the idea. 

Silbert claims creating digital currencies would pave institutional interest and provide more power to Bitcoin as well as other non-central bank cryptocurrencies. Confidently, Silbert explains that banks will require users to engage in financial systems that exist and the supply will not cap for digital currency. He further expresses, in many years to come, perhaps even decades, CBDC's will be more readily available and contribute to the value of digital currency.

By Claudia Rivera

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