Britcoin is the UK version of a Central Bank Digital Currency (CBDC). The pound sterling and other government currencies have been in decline as an asset class since 1971.
As profits are privatised and losses are socialised, these currencies become more weaker. However, every problem is an opportunity. The collapse of these currencies is a chance for more government intervention into the lives of the individual. Individual accounts with the Bank of England will allow:
- Automatic tax on every transaction
- Funds to be allocated away from specific individuals
- Real time visibility into every transaction and counterparty
Central Bank Digital Currency
How could this be introduced?
The UK economy is significanly propped up by the JRS, SEISS and other schemes, so when these finish, we look to the next steps.
Simon Dixon describes a simple playbook.
- Unemployment rises.
- Many mortgage defaults.
- A bank gets into difficulty.
- Government gets resistance to bailing out the banks again.
- Bank fails and accounts are transferred to a Bank of England CBDC.
Many countries and organisations will introduce CBDCs in the 2020s. They form part of a changed monetary structure with Bitcoin as the supreme asset.
Ok - I get it.
The more closed minded and authoritarian you are, the later you'll be to Bitcoin. And maybe that's a good thing.