Trump’s Choice for Treasury Secretary Sees ‘No Reason’ for the US To Roll Out a Central Bank Digital Currency
President-elect Donald Trump’s pick for Treasury Secretary does not think that the US needs to launch a central bank digital currency (CBDC).
During his nomination hearing on Thursday, Scott Bessent told the Senate Finance Committee that, unlike other countries, the US will not gain much from rolling out a digital dollar.
“On CBDCs, I see no reason for the US to have a central bank digital currency. In my mind, a central bank digital currency is for countries that have no other investment alternatives.”
A CBDC is a digital form of a country’s fiat currency, regulated by a central bank.
Bessent says that holders of other currencies, particularly the Chinese yuan (CNY) or renminbi (RMB), have little to invest in. He says this is not the case with the US dollar.
“Many of these countries are doing it out of necessity whereas the US, if you hold a US dollar, could hold a variety of very secure US assets.”
In 2022, the Federal Reserve issued a discussion paper that examined the pros and cons of a potential CBDC, but the central bank to date has not made any decision to implement a digital dollar.
Trump neither supports the idea of pursuing a CBDC. Last year, he told a crowd in New Hampshire that he would block the creation of a central bank digital currency.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Trump’s Choice for Treasury Secretary Sees ‘No Reason’ for the US To Roll Out a Central Bank Digital Currency appeared first on The Daily Hodl.
Read More
Trump Overturns IRS Rule on Crypto Brokers With New Bill: Report
Trump-Linked Crypto Project WLFI Adds $775K in SEI Tokens to Its Portfolio
Top Crypto Gems to Buy in January 2025: Hidden Assets You Need to Watch
Some of the best cryptos to buy in January 2025 are about to blow up! A few digital asset wizards are laser-focused on some seriously groundbreaking market potential. Bitcoin has blasted through the $100,000 ceiling, with multiple altcoins gearing up for knockout growth. Numerous sharp-eyed traders and experts are tracking some of these market-shifting movements like precision-guided missiles.
Also Read: De-Dollarization: 2 Countries Mutually Abandon the US Dollar For Trade
Find the Best Cryptos to Buy in January 2025 and Make Smart Investment Moves
Layer 1 Blockchain Innovations: Promising Crypto Investments
Several standout cryptocurrencies to invest in for January 2025 are bursting from the blockchain infrastructure scene. SUI, a Layer-1 blockchain born from multiple ex-Meta innovation champions, is looking like a total game-changer. Its jaw-dropping $14 billion market cap hints at a few potential 3-5x growth scenarios in the next six months. Various heavyweight venture capital titans like Binance Labs and Coinbase Ventures are throwing serious backing behind this absolute powerhouse.
AIOZ Network? Absolute beast mode. It’s crushed a 570% growth in just a year. With a few billion-dollar market cap, some crypto investment tips are pointing to its potential 4-6x return in upcoming quarters.
Also Read: The U.S. Dollar Could Get More Stronger in 2025
AI and Cross-Chain Opportunities
Multiple promising cryptos in January 2025 are breaking beyond traditional blockchain. Virtuals Protocol (VIRTUAL) is revolutionizing AI agent creation. Launched on Ethereum’s Layer-2 Base, it’s helping several users develop AI agents with zero technical hassle. Its $2.4 billion market cap hints at some serious 4-6x growth potential in the coming months.
Safe Crypto Investments: Blue Chip Options
Investors looking to buy crypto safely have multiple rock-solid options. Bitcoin, Ethereum, and Solana remain the most bulletproof investments. While their growth might be a few steps slower, they’re providing some serious market stability. Bitcoin could see a couple of 2-3x returns, offering a more conservative investment approach for the cautious player.
Also Read: Will Bitcoin (BTC) Hit $110K Before Donald Trump Takes Office?
High-Risk, High-Reward Memecoins
Several risk-tolerant investors are eyeing memecoins like PENGU and PEPE. These assets offer multiple high-octane return possibilities but come loaded with serious risks. Various experts recommend allocating just a few percentage points of your portfolio to these spicy speculative investments.
The crypto market in January 2025 is flexing some serious bullish muscles. The total market cap has hit a mind-blowing $3.5 trillion. Multiple signals suggest Ethereum might outperform Bitcoin in Q1 2025. Some market cycles and seasonal trends are set to drive these multiple jaw-dropping movements.
Read More
Cardano Reverses 14% Drop: Where Will ADA Go Next?
