

The Geopolitics of Cryptocurrencies — with Niall Ferguson
May 20, 2021
Niall Ferguson, a Senior Fellow at Stanford's Hoover Institution and a celebrated author, joins the conversation to discuss his new book, *Doom: The Politics of Catastrophe*. He argues that all disasters are man-made and examines historical lessons on crisis management. The discussion shifts to the geopolitics of cryptocurrencies, focusing on China's digital currency and its impact on the global landscape. Ferguson also critiques how corporate decisions can exacerbate economic inequality, highlighting the need for better investment in communities.
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China's Digital Currency Strategy
- The US underestimates China's digital currency combined with electronic payments.
- They also treat blockchain innovations as gatecrashers.
China's Domestic Power Play
- China's central bank digital currency aims to control big tech's payment platforms like Alipay and WeChat Pay.
- This helps the state-owned banks maintain dominance.
USD Dominance and its Vulnerabilities
- The USD's dominance is powerful but runs on old technology.
- No fiat currency can easily replace the dollar, as seen with the euro and the non-convertible yuan.