Technologist and entrepreneur Brock Pierce believes American society requires a course correction. The Bitcoin Foundation chairman, who is currently running for public office in Vermont, advocates for a new paradigm to overcome polarization and the growing gulf between the public and their political institutions. He sat down with Roundtable's Rob Nelson to discuss his ideas for constructive disruption in technology, politics, and the media. In this segment, Pierce discusses the significance of the recent Luna and UST crashes.
Skeptics have taken the recent crash of the UST stablecoin and Luna as a definitive death sentence for cryptocurrency. But as the Fiat economy also suffers, Pierce argues that the blockchain-based money and finance is more important than ever.
“It’s giving us an alternative to the status quo at a time where quite frankly, the status quo is not looking so good,” Pierce says. “It continues to be very correlated with the old financial system. Crypto just does it more so. When the market's up, crypto's up. When the market's down, crypto is down.”
Pierce emphasizes that the crash, which brought the largest losses in cryptocurrency to date, offers important lessons for the future.
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“It's terrible, and it's unfortunate to everyone that was invested in [the] UST stablecoin or Luna. But this is still experimental. It was an experimental algorithmic stablecoin. And we put far too much confidence in it too early,” he says. “If you survive things like this, you come back stronger than ever. It's going to take a little while, and it's going to be painful, but if you're going to do something like this, you should be committed to the mission and see it through.”
Watch the full discussion below:
Brock Pierce, Entrepreneur & Chairman, Bitcoin Foundation