The US government has been accused of intending to destroy bitcoin in favor of the national cryptocurrency

Billionaire mining financier Frank Giustra shared his thoughts on the future of cryptocurrencies in the United States and advised large investors to invest in gold. According to Giustra, the US government is interested in blockchain technologies and their use for its own purposes, and the flagship cryptocurrency is a hindrance to the authorities.

«I think the U.S. government really wants to be ahead of the curve on blockchain, but not with bitcoin, but with a state digital currency that can be fully controlled. Therefore, they intend to create their own central bank digital currency. Like the rest of the world, America does not need competition in the form of a CTC. That iswhy I see bitcoin as a player in the game against fiat money,» said Frank Giustra.

The billionaire believes that bitcoin has no chance of resisting world governments, as it carries many risks for investors, which is not the case with gold: «If you invest in precious metals, the government won’t be able to take them away from you when it destroys all assets out of its control in the digital world.» That is why Dzhustra does not invest his own savings in cryptocurrencies, but prefers gold.

As for the US national cryptocurrency, the introduction of CBDC has become a White House priority. According to Jason Brett, a representative of the US Federal Deposit Insurance Agency (FDIC), the Federal Reserve, the White House, and the US Treasury Department have formed a working group that will be responsible for the development, research, and implementation of CBDC. The national cryptocurrency has become the main focus of the White House.

Cryptocurrency platforms are likely to receive more attention and stricter control over their activities. Thus, the Administration of US President Joe Biden has called on Congress to speed up the implementation of cryptocurrency market regulations, as delays in the launch of regulatory policy pose a threat to investors. The US Financial Stability Oversight Council (FSOC) has published a document encouraging policymakers to reach an agreement on the regulation of bitcoin and other digital assets.