The West will move to a decentralized financial system: Neb Bokil

Neb Bukele – El Salvador’s rising bitcoin head – has predicted that the central banking model of today’s Western economies will eventually give way to a more reliable and decentralized system.

In an interview with Tucker Carlson that aired on Tuesday, Bukele criticized both the Federal Reserve and the media’s reaction to his country’s adoption of bitcoin.

Need a new model

during an interviewBukele argued that the Federal Reserve’s ability to print money was a “moral crime” because it devalued the currency and “deprived” its citizens of their savings.

“The concept of savings has been destroyed,” he said. “There is no point in saving money anymore… if you save $50,000 [in the ’80s] So 90% of your money has been stolen from you [by] Currently.”

In September, annual US CPI inflation approached a 40-year high of 8.2%. While the Fed has been tightening interest rates throughout the year to help control higher interest rates, some groups are already doing so. Journalism The central bank to reverse course before it causes a global recession.

According to Bukele, people are now “waking up” to the damage of inflation and will start looking for alternative systems to escape it.

“If we went there, basically, you would think you would be safe from having your fortune taken away by a political decision,” he said.

Although he expects the BRICS countries to start their own economic system, he does not believe that Westerners will join them due to Russia’s interference. Instead, the West will look for alternatives that are more “independent” and “uncontrolled”, while being “completely decentralized”.

Embrace the Bitcoin brand

El Salvador became the first country to adopt bitcoin as legal tender last year – cryptocurrency a favour To meet the decentralized and unsupervised standards described by Bukele.

Bukele said that the adoption of Bitcoin before other countries gave El Salvador several second-tier benefits. These include nearly twice as many tourists, documentaries, private investment, and a “rebranding” of its previous reputation as a crime-prone country.

However, some parties are not happy with their embrace of Bitcoin – namely the World Bank, the Federal Reserve, and International Monetary Fund. Older financial publications including Bloomberg, CNBC, Forbes and The Financial Times are also guilty of publishing “bad journalism, fake news and FUD,” according to Bukele.

The president said this was bothering him, but he’s since realized that their audience and influence is waning.

“I thought they were important. Now I see they’re not,” he said. “Nobody’s watching them.”

The post that will move the West to a decentralized financial system: Nayib Bukele first appeared on CryptoPotato.

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