The dollar has long enjoyed its status as the de facto global reserve currency. But the global financial system now relies less on the dollar than ever: In 2020, global banks’ USD reserves dropped to the lowest level in a quarter-century. A group of experts joined Roundtable to discuss what a move away from the dollar may mean for global finance and fiat currency. In this segment, the panel discusses how how the idiosyncrasies of crypto make it increasingly useful in a rapidly changing world.
Luke Stokes notes that recent events have demonstrated the need for currencies unrestricted by national interests.
“You think about truckers going through Canada and not being able to receive funds. and that just shocked the world. How are they able to just shut down people's freedoms and Liberty as to which money they wanted to use?” he says. “The world is getting an example for why crypto matters.”
Julia Whippo points out governments are increasingly investing in Bitcoin, signaling a significant paradigm shift.
“The characteristics that would historically work against Bitcoin, like that it doesn't have military power to back, actually are starting to work for its advantage,” she says.
“It’s not tied to a single sovereign entity, it's actually all of the sovereign entities in the world that are opting in and supporting and backing it. That means that its own risk is being diversified away from a single sovereign entity, and that lends to its strengths.”
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Watch the full discussion below:
Luke Stokes, Managing Director, FIO
Stephen Adams, Digital Asset Educator
Julia Whippo, Entrepreneur & Investor