In this clip from "The Future of Fintech" on Motley Fool Live, recorded on Feb. 10, Motley Fool contributor Jason Hall discusses an opinion piece surrounding cryptocurrency and authoritarianism.
Jason Hall: Foolish Phoenix dropped in a link for a Newsweek article. Here's the headline. The headline is CBDCs, basically government digital currencies, will be the end of American freedom. This is an opinion piece. I'm not even going to get into the nuts and bolts of the article. Besides, basically saying that if the Fed adopts a digital currency, it's the government on a sure path to authoritarianism. Always follow the money with this stuff. Aubrey Strobel, the writer of this piece, is the Head of Communications for Lolli. You know what Lolli does? They operate a Bitcoin (BTC +1.75%) rewards platform. Digital currency, as Will said and I think, Matt, you hinted at too, will be a big competitor to Bitcoin and other cryptocurrencies. That is a very loud message for somebody whose business would be very disrupted if the federal government did it. I'm not going to touch the politics of it. Always follow the money with opinion pieces. Who wrote it and why would they have that opinion? In this case, it's the story of Lolli's business. I think that's important.
