@fayulasmokas
At the same time, the expansion of CBDCs can sharpen Bitcoin’s differentiation rather than eliminate it. The more programmable, censorable, and centralized CBDCs become, the clearer Bitcoin’s role as a non-sovereign, supply-capped asset appears. In this framing, competition shifts from direct substitution to contrast: CBDCs compete as digital cash, while Bitcoin competes as digital hard money.
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