Monero’s role in the future of money can be underestimated due to CBDC privacy concerns. XMR bulls are testing the waters as liquidity begins to return in low volumes.
Something is brewing in the West and it could encourage more people to hold on to privacy coins like Monero. America has made its stance on crypto as clear as daylight. The West is definitely against crypto and here’s why that could lead to more demand for XMR.
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The demand for Monero could skyrocket in the coming days, especially with the imminent rollout of CBDC. According to the latest reports, China is entering the next CBDC adoption phase by paying its officials with the CBDC version of the yuan.
NEW: 🇨🇳 China will start paying ALL civil servants in May with the ‘Digital Yuan’ CBDC in Changshu city.
CBDC is financial slavery‼️ pic.twitter.com/0ZGE2MahVg
— Radar🚨 (@RadarHits) April 23, 2023
Other countries, including the US, are also rolling out their own CBDCs. Reports of strict measures, including expiration dates for digital money, have raised concerns, especially in the area of privacy.
This is because CBDCs will allow governments to have dangerously more control over people by more easily monitoring their spending. So what is Monero’s role in all of this?
One of the biggest financial privacy and censorship fears is that CBDCs could give governments the power to silence everyone by blocking access to finances.
Monero’s privacy-focused nature makes it a very attractive proposition to the masses, especially when governments exercise draconian levels of scrutiny.
Can Monero Bulls Make a Strong Comeback?
A strong rally is likely, especially if the rest of the market enters recovery mode. Monero has so far retained a significant portion of its gains since the start of 2023. It changed hands for $156.83, at the time of writing.
Source: TradingView
XMR’s performance over the weekend underscores bullish momentum. This is largely related to the mounting buying pressure following the bearish week that markets delivered last week. But can it hold up to rally efforts?
Monero’s ability to deliver a strong recovery will largely depend on whether it can secure enough bullish volumes.
The measure of social dominance showed a sharp rise in the past 24 hours, at the time of writing. While that revived hopes for more attention from investors, the volume observed at the same time was low, albeit a significant increase.
Source: Sentiment
In addition, Monero’s market cap has surged significantly over the past three days. An indication that there has been some accumulation over the past few days.
However, it fell slightly in the past 24 hours, confirming that most potential buyers still sat on the sidelines waiting for more clarity in the market.
Source: Sentiment
Realistic or not, here is XMR’s market cap in BTC terms
Monero’s performance over the weekend confirms a slight increase in investor confidence. As evidenced by the weighted sentiment metric that has been rising since April 20.
This post Why Monero can thrive in an environment supported by the CBDC regimen
was published first on https://ambcrypto.com/why-monero-may-thrive-in-an-environment-underpinned-by-cbdc-regime/
