Could Bitcoin Become a Privacy Threat Much Like Central Bank Digital Currencies?

by Mat Di Salvo | Decrypt

Bitcoin has become a hot topic ahead of the U.S. election following Donald Trump’s recent endorsement of the cryptocurrency. And part of the Republican Party’s crypto embrace hinges on central bank digital currencies (CBDCs)—the dangers to financial privacy they may pose and how to stop them.

But what if Bitcoin presented the real privacy threat?

Its most privacy-focused proponents believe that it does, and that the U.S. government’s embrace of the cryptocurrency—through Trump’s proposed strategic reserve or other measures—would only make matters worse.

“Bitcoin would be worse than normal CBDCs from a privacy point of view, because at least with CBDCs, your neighbors can’t surveil your financial activity—only the government,” Rafe, a pseudonymous contributor to privacy-focused Bitcoin wallet Wasabi, told Decrypt. Read Full Article >