Invest Like the Best with Patrick O'Shaughnessy Chad Cascarilla – The Future of Blockchain and Financial Services - [Invest Like the Best, EP.145]
Oct 29, 2019
In this engaging discussion, Chad Cascarilla, CEO and co-founder of Paxos, shares his insights on the integration of blockchain technology into traditional financial systems. He reflects on his journey from traditional finance to cryptocurrency, revealing how experiences, like navigating the subprime mortgage crisis, shape his perspective. The conversation delves into the future of financial services, exploring the shift from closed to open money systems, the impact of high global debt, and innovative methods like tokenizing gold, all while emphasizing the transformative power of blockchain.
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Chad's Background
- Chad Cascarilla worked as an investor, focusing on market structure changes and the subprime mortgage crisis.
- These experiences gave him insights into the financial system's plumbing and the potential of blockchain.
Subprime Crisis and System Fragility
- The subprime crisis revealed that the financial system's plumbing was poorly understood and exacerbated the crisis.
- Collateral movement was slow, and the failure of Lehman Brothers exposed the interconnectedness and fragility of the system.
Financial Services Landscape
- Financial services' share of the S&P has decreased due to lower interest rates, increased capital requirements, and lack of incumbent-driven innovation.
- The current financial system is closed and unstable due to its reliance on fiat money and increasing debt levels.