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Bankless

Defending Crypto to the Middle-Class American | Austin Campbell

Sep 30, 2024
Austin Campbell, a Columbia Business School professor and former Chief Risk Officer at Paxos, discusses the transformative power of crypto, particularly stablecoins, for middle-class Americans. He explores how cryptocurrency can serve as a safeguard against the flaws of traditional banking, especially in light of the 2008 crisis. The conversation tackles misconceptions about banking security and highlights the advantages of stablecoins, including lower transaction costs and the ability to support financial independence across diverse communities.
01:34:49

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Quick takeaways

  • The 2008 financial crisis shifted public sentiment towards crypto, highlighting the need for alternatives to traditional banking systems.
  • Stablecoins offer a self-custodial solution that mitigates risks linked to conventional banks, enhancing financial safety for users.

Deep dives

The Case for Self-Custody and Human Rights

Creating opportunities for individuals globally to opt into a self-custodial system tied to the US dollar can significantly enhance human rights. This shift challenges exploitative regimes over time by empowering people with control over their finances. Such self-custody alongside a trustworthy financial infrastructure diminishes dependency on traditional banking systems, which often marginalize the unbanked and underbanked. The promise of financial autonomy could serve as a catalyst for more equitable access to resources and economic opportunities worldwide.

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