Check out our new platform 🚀 https://thecapital.io/There can be little doubt that central banks want to increase their control over money and how it is used. Sound money is crucial when it comes to defend people’s economic freedom against the overwhelming control on the part of the state and sound money is not forced by the state but is chosen by the people in the free marketplace. The actual fiat currencies we are accustomed to — be it the US dollar, the euro, the Chinese renminbi, the yen, or the Swiss franc — represent fake money, monopolized by the state.Fake money is economically and socially destructive: it is inflationary; it benefits a few at the expense of many others; it causes boom/bust cycles; it leads to overindebtedness; it corrupts society’s morals; it paves the way toward tyranny.It is no coincidence that the so-called Big Government has been expanding ever since the world adopted unbacked money back in 1971, and as a result, individual economic freedom has been under pressure ever since. The state feeds itself on fiat money: it issues new debt, which is then monetized by its central bank, which is at the heart of the fiat money standard.What needs to be done? How can we get from a state-controlled fiat money regime to a free market in money? In this regard, cryptocurrencies have done much to educate people. By studying how they work, people have become once again familiar with topics forgotten since the gold coin standard era. F. A. Hayek, in his Denationalization of Money, warned us about how good central bankers did in order to let people forget the link between money and gold. That knowledge has resurged thanks to Bitcoin’s birth. From the dynamic process known as the free market, people tried to satisfy their need to put an end to a daylight robbery: monetary policy and its effect called price inflation.Central bankers are no stupid. They know what’s is coming, they are trying to stay ahead on the race against free markets and created a fake cryptocurrency knows as Central Banks Digital Currency. By introducing direct central bank accounts for members of the public and every business, commercial banks become superfluous and can be allowed to die. The removal of systemic risk by the abolition of commercial banks is one of several likely long-term objectives of CBDCs. Commercial banks can be left with the role of investment banking activities in capital markets. Remember, commercial banks remain the weak link in the whole game of central banking smoke and mirrors.But wait…. what’s that? Central banking is no prone to listen to dynamic market forces. It needs a static landscape to operate. In fact, CBDCs will go even further than just replacing physical fiat money. CBDCs can be withheld or frozen for anyone suspected of crimes and tax evasion, starving them into confessions of guilt. The justification is always that it is in the national interest to ensure that financial and tax crimes are eliminated. Central banks have become trapped at a socialist endpoint and are doubling down in their efforts towards greater socialism and control. Why? Because central banks are trying to guide society toward a so-called soft landing: deflate the gigantic bond bubble they inflated through double-digit price inflation. And guess what? To ensure that result they will need more control over society. Now you can understand why governments all over the world are seeking to approve more and more tyrannical laws against people.And now you also understand better why Bitcoin is crucial in the struggle for freedom and sound money. The Bitcoin community-based payment system providers have been making huge steps ahead in recent years, but unfortunately, victory has not yet been achieved. The full realization of crypto potential will unfold when people, after having legitimized digital payment settlement thanks through CBDC, will find in Bitcoin a way to achieve more freedom and privacy.First, people have become more educated in economic theory thanks to Bitcoin’s birth. Second, by becoming more educated in how it works, they will inevitably embrace its paradigm shift.https://twitter.com/thecapital_iohttps://medium.com/media/3b6b127891c5c8711ad105e61d6cc81f/hrefBitcoin Is Crucial to defend Our Economic Freedom was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.