Can Bitcoin Be the Ultimate CBDC Alternative? Experts Weigh In

Renowned Canadian psychologist and political commentator, Jordan Peterson, recently expressed his belief that Bitcoin is the only “viable” monetary alternative in a world increasingly dominated by central bank digital currency (CBDC). In a conversation with tech expert and entrepreneur, Brian Roemmele, Peterson discussed the potential of Bitcoin to serve as a defense against the tyrannical excesses of emerging technologies, especially artificial intelligence. Roemmele sees blockchain technology, particularly Bitcoin, being integrated into a popular payment system due to its unique design.

Peterson stated that Bitcoin is the “only alternative” he can see to a centralized bank digital currency, which he predicted would be imposed on the public soon. According to Peterson, Bitcoin is decentralized and not amenable to control by a bureaucracy, unlike central bank digital currencies.

In addition to serving as a form of currency and wealth storage, Bitcoin holds great potential for communication. Roemmele explained that an almost unlimited amount of encrypted data can be stored on a blockchain, making it decentralized and permanent. As opposed to traditional banking transactions, Bitcoin transactions that have been registered on the public blockchain for more than one hour are virtually irreversible and logged across tens of thousands of Bitcoin nodes worldwide. This feature of Bitcoin is becoming increasingly popular for memorializing non-fungible tokens (NFTs) through the Ordinals protocol, which directly bakes image data into the public blockchain.

Peterson also noted his interest in using Bitcoin as a form of “permanent, incorruptible information storage” to develop a “blockchain corpus of general knowledge questions” for running IQ tests and preventing people from manipulating the measurement of general cognitive ability. He believes Bitcoin can create random samples of general ability tests that would be 100% reliable and valid, deterring anyone from gerrymandering them.

Peterson has previously regarded Bitcoin as a way to combat the tyrannical measures imposed by CBDCs in the past and as a hedge against inflation. He bought Bitcoin as an inflation shield in November 2021. However, the cryptocurrency’s value has decreased since then.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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