Oct 6, 2021
A lot has happened in the cryptocurrency arena since we last covered this topic on Grow Money Business. Last week China announced that they are banning all activities in cryptocurrency while a month ago, El-Salvador announced that it would accept Bitcoin as a legal tender. In today's episode, Grant shares his current thoughts and observations on cryptocurrency-related developments in the United States and around the world.
[02:46] Recent Events - Grant starts the conversation by briefly explaining the impact of both China and El Salvador’s approaches to using cryptocurrency.
[05:17] Benefits of Cryptocurrency - The benefits of cryptocurrency and why it is an appealing and convenient alternative for existing currency issues.
[07:05] Growing Chinese Economy - Grant compares the pace of China's economic growth to the USA and reviews its intention of overtaking the USA as a world economic power.
[08:50] World Reserve Currency - Grant dives into the world reserve currency from numerous perspectives, including economic privileges that it opens for certain countries and why the USA needs US dollars as the world reserve currency.
[12:45] China and Cryptocurrency - The cryptocurrency activities in China before the government-imposed ban and Grant’s take on the reasons behind that government action.
[14:46] El Salvador and Cryptocurrency - El Salvador's economic background and impacts on the country's social context by encouraging citizens to transact in Bitcoin.
[15:52] Benefits and Challenges for El Salvador - The possible future occurrences related to cryptocurrency, as well as Grant’s take on the probable risks and benefits El Salvador may experience with the decision to accept cryptocurrency.
[18:40] Future Cryptocurrency Approach of Countries - The future measures of the world, and how China's recent decision has knocked the price of cryptocurrencies.
[21:00] Increasing Credibility and Viability of Cryptocurrency - Grant explains the widespread adoption of cryptocurrency at the institutional level and how it has enhanced the credibility and viability of cryptocurrencies.
[22:58] Bitcoin and Ethereum - Cryptocurrency consists of numerous types of coins, including Bitcoins and Ethereum. Grant reveals his thoughts on the benefits and usage of each.
[28:01] Conclusion - Grant sums up his takes on recent changes of monetary and economic policies related to cryptocurrency and how countries will decide and set rules regarding cryptocurrency in the coming future.