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CBDCs, according to Rich Checkan, are the spawn of Satan, and Bitcoin is still a speculative asset rather than a currency alternative.
The president of Asset Strategies International (ASI), Rich Checkan, has described central bank digital currencies (CBDCs) as a product “concocted in hell by Satan himself.”
ASI was founded in 1982 and specialises in alternative assets such as precious metals, foreign currencies, and pre-1933 US gold coins, as well as providing a precious metals trading platform.
Speaking during an interview with streaming financial news provider Kitco News on July 27, Checkan slammed CBDCs due to the threat they posed to individual privacy, noting they give the state the ability to monitor every transaction you make and track your entire life.
“I think central bank digital currencies were concocted in hell by Satan himself,” he said, and asserted that they will give governments an incredible control “over everybody’s bank accounts” which will “create a void of privacy for every individual citizen.”
In terms of CBDC adoption, the United States lags behind China, which has already implemented widespread trials of the digital yuan in its financial system. The Federal Reserve, on the other hand, has warmed up to the idea in 2021 and is currently researching the risks and benefits of implementing a CBDC.
Checkan was asked if he thought Bitcoin posed a threat to fiat currency and CBDCs during the interview. The ASI president stated that it is too early to tell because he believes Bitcoin has performed well as a speculative asset but has not been tested sufficiently as a currency to pose a threat to the dollar.
“It’s not a threat, one of the options for Bitcoin is to be a form of currency, but there’s not widespread adoption and penetration […] so we really haven’t tested that model. Which is why I think it’s partially acting as a speculative asset.”
“I think we need deeper penetration and then we will see, if it becomes a threat, what the government is capable of doing to hold onto its power position,” he added.
Unlike other figures in the precious metals industry, who are frequently pro-gold and anti-crypto, Checkan believes there is a place for both because they serve a “different function for your portfolio.”
Checken sees gold as a store of value and recommends allocating 10% of one’s portfolio to it. He sees Bitcoin as a speculative asset with the potential to become a store of value in the future, and recommends a 1% to 2% allocation in a portfolio, with regular cash outs to bank profits.