This Development Could Strengthen Bitcoin

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Bitcoin (BTC) has been in the limelight for the past few months and years as some feared it would compete with traditional currencies. Central banks also seem to be taking a step back with their own central bank digital currencies. Ironically, analysts say the launch of CBDCs could strengthen Bitcoin.

Analysts: CBDC calls could reinforce Bitcoin’s bullish outlook

Recently, European Central Bank chief Christine Lagarde confirmed that the central bank of the European Union is considering issuing a digital euro. Yesterday, he used the following statements on Twitter:

“WE STARTED TO EXPLORE THE POSSIBILITY OF A DIGITAL EURO. WHILE EUROPEANS TURN ON MORE DIGITAL BY EXPENDING, SAVING AND INVESTING; WE SHOULD BE PREPARED TO ISSUE A DIGITAL EURO IF NECESSARY. I WANT TO HEAR YOUR OPINIONS ABOUT THIS. ”

This announcement comes when countries such as China, Canada, and the USA indicate that they are researching or releasing their digital currencies (China distributed digital yuan to the citizen).

Although some say this will eliminate the need for Bitcoin, most people don’t think so, according to Bitcoinist writer Nick Chong. Raoul Pal, CEO of Real Vision and a former hedge fund manager, recently said that Bitcoin is a lifeboat in a world where CBDCs stand out on Youtube:

“WE ARE REACHING THIS POINT BY APPEARANCE. MACRO, CRYPTO, POLICY; EVERYTHING GATHER IN THE SAME PLACE. ALL CONCENTRATE AND NOW IN OUR PURE FOCUS. WE KNOW THAT BITCOIN PLAYED A ROLE IN THIS. “

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