With the war in Ukraine, the fallout from the pandemic and record levels of inflation, the U.S. economy has taken a blow in 2022. But it's not clear what, exactly, is causing the ongoing downturn. A group of finance experts joined Roundtable to discuss inflation, markets, policy and their continued prognosis for the economy. In this segment, the panel discusses developments in the crypto and blockchain space.
Marc Lopresti, Managing Director at Moneta Advisory Partners, argues that people should not focus too narrowly on Bitcoin when assessing larger developments involving blockchain technology.
"It's important when we have these conversations that we separate the crypto story from the Bitcoin story, and the DeFi story from the Web3 story," he says. "They're all related, but they also operate independently. And the decentralization of financial transactions that is made possible through blockchain and blockchain protocols is a horse that has left the barn and is running pretty far down the course and is expanding at a rate of innovation that is four X or more the rate of innovation that we saw last time with the birth of the Internet."
David Zell, founder of the Bitcoin Policy Institute, says that throughout human history, new technologies tend to be used and advanced—not abandoned, as some naysayers have suggested with regard to crypto and blockchain.
"I can't really find an analog where humans invented some novel technological capacity and then just abandoned it," he observes.
"I think far more often, what's been the case is that people didn't understand it, and they thought it would be worthless or silly or useless [like] the government thought the Internet would just be spam and porn and scams. Broadly speaking, I do think we will see like a continuing integration of blockchain[-based] payments, because you don't have intermediaries and you're necessarily gonna drive costs down and you're gonna facilitate innovation."
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He concludes, "The death of crypto claims don't have any merit. We don't really un-invent things."
Watch the full discussion below:
Jon Najarian, Co-Host, CNBC Halftime Report
Marc LoPresti, Managing Director, Moneta Advisory Partners
David Zell, Founder, Bitcoin Policy Institute