Looking to purchase BTC in order to avoid the CBDC “horror story”? The best time was “yesterday,” according to the former BitMEX CEO.

Bitcoin holders seeking to avoid Central Bank Digital Currencies (CBDCs) may have found an unexpected ally in the form of banks.

Arthur Hayes, ex-CEO of crypto derivatives platform BitMEX, argued in his latest blog post titled “Pure Evil” that banks may limit the impact of the CBDC “horror story.”

Hayes: Bitcoiners and banks oppose CBDC’s ‘dystopia’

Around the world, CBDCs are currently at various phases of development.

As they suggest complete governmental control over everyone’s money and purchasing power, supporters of financial sovereignty naturally fear and even loathe them. Hayes called them “a full-frontal assault on our ability to have sovereignty over honest transactions between ourselves.”

But Bitcoiners aren’t the only ones who oppose CBDCs. The commercial banks that they hoped to remove from power with BTC are likely to join the cause.

The blog article stated, “I believe that the majority’s apathy will allow governments to easily take away our hard currency and replace it with CBDCs, ushering in a utopia (or nightmare) of financial surveillance. Hayes went on:

“However, we have an unlikely ally who, in my opinion, will stymie the government’s ability to implement the most effective CBDC architecture for controlling the general populace — and that ally is domestic commercial banks.”

A government might either use commercial banks as nodes in a less drastic revamp of the financial system or make the central bank the lone “node” in the digital network when establishing a CBDC. The “Direct Model” and the “Wholesale Model,” respectively, are the names of these systems that Hayes uses.

The Wholesale Model has been chosen by every nation that has at least reached the “choosing a CBDC model” stage, he reasoned. “It’s evident that no central bank wants to bankrupt their domestic commercial banks.”

Purchasing Bitcoin will 'quickly vanish' once CBDCs are available. — Arthur Hayes
Purchasing Bitcoin will 'quickly vanish' once CBDCs are available. — Arthur Hayes 2

As a result, governments may ultimately be kept in check by the kind of entities known for restricting crypto exchange transactions and blocking hodlers’ accounts, in order to “placate” banks to a certain extent while still achieving benefits like removing currency.

Hayes continued, “This is their chance to utterly demolish the dominance of Too Big to Fail banks — and yet, they seem to be politically unwilling to do so. Politicians who care more about power than profits.”

‘Capital controls are coming’

The topic of CBDCs received extensive attention even beyond the crypto industry, as they represent a major shift in both money and politics.Richard Werner, a professor of development economics at De Montfort University, called them a “declaration of war” in an interview with Cointelegraph last week.In other words, the bank regulator has just announced that since the banks have no chance, we will now compete with them. You cannot contend with the regulator, he declared.Hayes, on the other hand, highlighted Bitcoin as a last-resort safe haven for people already averse to any type of zero-cash economy—but only for a limited time.Once CBDCs are introduced, purchasing BTC will become progressively difficult, if not impossible.”This window of opportunity is closing. Capital controls are coming, the possibility to buy Bitcoin will swiftly disappear when all money is digital and some transactions are prohibited,” he warned, adding:”The ideal day to have acquired Bitcoin was yesterday if any of this doom porn resonates with you and you don’t possess at least a very modest% of your liquid net worth in Bitcoin.”

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