ASI President views central bank digital currencies as a satanic ploy

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According to the president of the ASI, the digital currencies of the central bank come from Satan. And Bitcoin is not an alternative to money but a speculative financial asset.

ASI is a company that started in 1982 to deal with various alternative assets such as foreign currencies, precious metals and pre-1933 US gold coins. The company also has a trading platform for metals.

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Rich Checkan recently described the fashionable CBDCs that many countries pursue as a “seed of Satan.” In his opinion, Satan himself directly brings the money from hell.

CBDCs are a threat to privacy

Checkan had an interview, the president of the ASI denounced the central bank digital currency because he sees them as a threat to people’s privacy. In his view, these digital currencies will allow the state to monitor all the transactions people make and track them throughout their lives.

In his speech, Checkan mentioned that the CBDCs would give governments excessive control over each other’s bank accounts. With such power, there will be no more privacy for citizens.

When the ASI President was asked to voice his opinion on Bitcoin and its threats to CBDCs and fiat currencies, he mentioned that it was still early days to make such contributions.

According to Checkan, Bitcoin’s usage and performance has remained within the limits of the speculative asset class. So far, it has not been valued as a currency to the point of threatening the United States dollar.

In its response, Checkan argued that bitcoin is not a threat because there has not yet been widespread adoption. Thus, financial operators have not yet tested it as a currency. Unless there is a deeper penetration into the financial system before anyone can see it as a threat.

The ASI president also surprisingly mentioned that crypto and precious metals could coexist in financial markets.

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However, Checkan believes they play different functions in an investor’s portfolio. As a result, its position is quite different from other players in the precious metals market.

Instead, the president sees gold as a “store of value”. He argues that investors should devote at least 10% of their portfolio to it.

As for Bitcoin, Checkan said it was a speculative asset, although it could become a future store of value. Thus, an investor can allocate 1 to 2%.

Central bank adoption of digital currencies in the United States

Notably, the United States government appears to be slower than other countries in deploying CBDCs. For now, China is leading the pack.

They have already started a widespread trial with his Digital Yuan and extended it to the whole system. But the US Federal Reserve has been interested in the idea since this year and has started researching it. The research team identifies the benefits and risks that such adoption will present.

Featured image from Pixabay

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