Top Traders Unplugged
IL31: What Your Cashless Future Will Look Like ft. Richard Holden
Oct 9, 2024
In this discussion, Richard Holden, an economics professor at the University of New South Wales and author of "Money in the 21st Century: Cheap, Mobile and Digital," dives into the potential rise of private digital currencies and the power shift it could create. He highlights China's digital currency's vast influence and argues for the U.S. to create a 'Fedcoin' to combat competition. The conversation also touches on the challenges tech giants face entering the banking space and the implications of navigating a cashless society.
58:01
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Quick takeaways
- The emergence of private digital currencies could shift economic power from governments to large tech firms, challenging the current financial system.
- The conversation emphasizes the need for governments to create their own digital currencies, like 'fedcoin', to counteract the influence of private companies.
Deep dives
The Evolution of Money in Modern Society
The discussion highlights the transformative nature of money as society shifts toward digital currencies, with intriguing possibilities for the future. The advent of superior technology suggests that traditional cash may soon become obsolete, as illustrated by the growing acceptance of digital payment platforms. A critical point raised is the notion that governments and banks may struggle to compete in a landscape dominated by private companies creating their own currencies, posing significant implications for the current banking model. As technology evolves, there is an increasing demand for a reliable and efficient method of value transfer that caters to a cashless economy.
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