Cryptocurrency: A Financial Fad Or The Future Of Money?
People are becoming more and more interested in digital currencies and the price of prominent cryptocurrencies like Bitcoin and Ethereum have skyrocketed.
Total crypto market value doubled in about two months earlier this year, pushing it past the $2 trillion mark for the first time in early April.
But highlighting its volatility, the price of Bitcoin — the world's most traded digital currency — reached a record high in mid-April, then took a plunge of around 30% in mid-May. Other digital currencies also saw sharp declines amid a broad cryptocurrency sell-off.
As of June 3, the global crypto market cap is $1.75 trillion.
Does virtual cash have real financial legitimacy? What are the conversion rates? How is cryptocurrency audited?
What are the economic implications of crypto's rising popularity and increasing mainstream adoption?
How could it affect global financial markets? How could it be regulated?
Is crypto a fad, a scam, or the future of money and finance?
- Eswar Prasad, Tolani Senior Professor of Trade Policy and professor of economics at Cornell University, senior fellow and New Century Chair in International Trade and Economics at the Brookings Institution, research associate at the National Bureau of Economic Research, and author of the forthcoming book "The Future of Money: How the Digital Revolution is Transforming Currencies and Finance"
- Michael Taylor, "Smart Money" columnist for the San Antonio Express-News and author of the "Bankers Anonymous" blog
- Andres "Andy" Gonzalez, co-founder of the San Antonio Crypto Network
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*This interview was recorded on Thursday, June 3.