John Titus has a YouTube channel in which he breaks apart financial matters. He argues that, in spite of fiat being backed by policy, cash is still king because it’s physical and its usage can remain anonymous.


Fiat currency is money not backed by physical commodities but by government guarantees.

Cryptocurrency is a digital asset that operates independently of central banks.

Central Bank Digital Currency (CBDC) is a type of digital currency issued and backed by a country’s central bank, which is dangerous because it is programmable and surveilled.

John argues that even though policy backs fiat currency, physical cash retains its value due to its anonymous usage.

Basically, use cash as much as possible.

The threat to freedom that a CBDC could pose is closely related to its threat to privacy. With so much data in hand, a CBDC would provide central banks with unprecedented surveillance capabilities.

Cato Institute

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