CBDCs make manipulating and distributing fiat currency so easy that central banks will basically destroy the financial system they are trying to save. Fiat will cease functioning as a stable measure of value, and pricing in fiat will hold no useful information about real value. People interested in real economic measurement will use different units to measure, value and allocate in the near future.
Gold Standard Needed Trust. Cryptos Don't.
There is a role for trust in economic life--when the alternatives to not trusting are so slow, so inefficient or so unwieldy that trusting is more productive. This is why gold became centralized at banks, and how notes as receipts against centralized gold, came into existence. It was easier and more productive to trust entities to protect one's gold to than schlep around boxes of gold. Ultimately centralizing Gold led to fraud, which defeated its centralization. Cryptos are not physical, but can move at the speed of light AS LONG AS there are digital connections. There is no need to centralization bitcoin because it has no weight and there is not risk of being highjacked on the road to pay one's bills. Therefore, concentration and centralization is unnecessary with bitcoin or other useful crptos. Therefore, trust in third parties is unnecessary with cryptos.
Smart Contracts Need Data, Some Trust, But Not Tokens.
Smart contracts aim to make commerce much easier and automatic and remove many of the problems associated with trust. The key is the data, verified by 3rd party entities, currently called "oracles". Oracles verify that something did or didn't happen, then automatically transmit data in some way to a smart contract, when then executes (sends money from buyer to seller) automatically.
This all makes sense at a high level. What makes less sense is the role of tokens in smart contracts and oracles. If contract is dependent of something very specific happening, why is a token like ChainLink or Ethereum involved at all? Token sellers say that tokens make the "network" immutable because it incentivizes miners to maintain the network, and thereby eliminates the need for trust that the contract terms will change or the events that trigger the contract have or haven't happened--the data.
But why does a smart contract need a specific token? A smart contract should be smart enough to specify the unit of account, whether it's ethereum, bitcoin, dollars, glass beads, shares in a company, fractional ownership of a building, services, etc. A smart contract doesn't need a token to be immutable. The terms of the smart contract can easily be made immutable on any type of database--it needn't be a blockchain. Any database will do. Conflating data for executing contracts, with the contracts, with a token just muddies the waters.
What Are You Buying When You Buy Ethereum?
Which leads to the final question: What are you buying when you buy the ethereum token? Or the chainlink token? Ownership of the network? A call option on the value going thru that network? It's like the sole owner of the only gold mine demanding the gold be used as a currency. But then that person also opening bank and law office for the contracts.
Gold May Not Be Dead, But It's Dying.
Gold was the original "hard" money. But, because it had to be stored, paper certificates and manipulation (see fraud) in managing these claims on Gold lead to the current system of centralized assets, credits and claims and asynchronous settling. Settling accounts was (and is) big business. But in the new world of coded stores of value, settling is out the window, the assets won't be "centralized". Gold cannot escape the fact that it's physical, heavy and must be stored somewhere to be used, which leads to all the settling related problems, which led to fiat currencies totally unbacked by anything.