Reviewing the Cryptocurrency Executive Order
This week we dig into some public opinions around cryptocurrency being fueled by the recent talks of Central Bank Digital Currency (CBDC). If you take one thing away from this week's podcast, let it be that in times like this everyone has an opinion, but our advice is to keep calm and think for yourself.
President Biden recently signed an executive order for a Bill to research digital currency to "ensure responsible development of digital assets." The driving factor cited is protecting the consumer.
The largest cryptocurrency - by far - is Bitcoin. Bitcoin is owned and operated by all the computers that run a node of the Bitcoin network. Today, you can see the transactions that are taking place, but you can't see who or where they are coming from. With CBDC, you take the Bitcoin transaction concept but add more transparency - meaning the Federal Reserve would have the ability to see, block, manage, etc. all transactions.
If you want to learn more about CBDC, check out our Health & Wealth video.