Click Here 187. Mic Drop: Crypto and the man: Prof. Lamont Black on Donald Trump’s federal bitcoin reserve
Nov 29, 2024
Lamont Black, a DePaul University professor and former Federal Reserve economist, dives into the complex intersection of cryptocurrency and politics. He discusses the controversial idea of adding bitcoin to the federal reserve, highlighting its implications for democratic currency ideals. Black also shares insights on innovative crypto education at DePaul and the emotional dynamics in class post-election. He reflects on the community aspect of cryptocurrency while critiquing speculative mindsets that often overshadow its true value.
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Bags Pumping
- Lamont Black requires his DePaul University cryptocurrency students to buy cryptocurrency.
- One student excitedly told Black, "Professor, your bag's pumping," celebrating the Bitcoin price surge after the election.
Bitcoin as a Reserve Currency
- President-elect Trump's proposed strategic Bitcoin reserve mirrors the historical practice of governments holding gold or fiat currency reserves.
- This move suggests Bitcoin's potential role as a future global reserve currency, akin to a savings account with diverse currencies.
El Salvador's Bitcoin Gamble
- El Salvador adopted Bitcoin as legal tender in 2021, facing skepticism and mockery during the 2022-23 crypto downturn.
- Their strategy may prove prescient as Bitcoin prices rebound, highlighting the potential of Bitcoin as a reserve for countries with volatile economies.