WHY CENTRAL BANK DIGITAL CURRENCIES CAN'T COMPETE WITH BITCOIN BY CHRISTIAN KEROLES Central bank digital currencies (CBDCs) are digital versions of fiat currencies issued by central banks. They are different from cryptocurrencies like Bitcoin in that they are not decentralized and are subject to government control. Christian Keroles (CK) argues that CBDCs cannot compete with Bitcoin because they lack the key features that make Bitcoin so attractive: a fixed supply, a merit-based minting process, and an open-source nature. CBDCs are also likely to be less innovative than Bitcoin because they are closed systems under governmental control. | 