Today, I’m super excited to have Caitlin Long, a 22-year Wall Street veteran who has been active in bitcoin & blockchain since 2012. She has been leading the charge to make Wyoming an oasis for blockchain companies in the US. A Harvard Law School graduate so we can all agree that she’s just incredible, and today’ we’re going to discuss
- How early Wall Street got involved with crypto? The answer to that could surprise you because a lot of them kept calling Bitcoin a fraud even AFTER they got heavily involved…
- How much cash can companies free up if they use cryptocurrency
- If and how Facebook Libra can bring change to the world, in particular, the developing countries?
- How is the state of Wyoming taking the leadership in crypto and blockchain?
- What are the biggest challenges in our current financial system?
- How can Bitcoin impact the US dollar and the US economy?
- Can you afford not to own Bitcoin, and how much is too much?
This was such an insightful chat with Caitlin and I hope you love it. Let’s rock the block!
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How Caitlin Long Started in the Crypto Space
Caitlin Long shared her background on crypto, and how she got into bitcoin in 2012. Back then, not many people had heard of Bitcoin. And not a lot of Wall Street people were willing to divulge that they were involved with bitcoin for fear of getting fired. Caitlin was the managing director of the Morgan Stanley bitcoin forum and was assigned to all the blockchain opportunities presented to the company. In May 2014, Morgan Stanley was asked to present something at a corporate treasurer’s event. The tail-end of the presentation talked about bitcoin, and it was history from there. Morgan Stanley got involved in presentations, meetings, and talks until the investment company could be regarded as the one who opened the eyes of corporate America on bitcoin.
Is Facebook Libra Good For the Cryptocurrency Industry?
Facebook is developing its own coin, and their efforts will help the world learn more about cryptocurrency.
Caitlin says that Facebook Libra is basically a large money market fund where you can trade the fund interests instead of cashing out the fund before spending them. Caitlin also says that Facebook Libra will be hard-pressed to be a superpower in the monetary system, but it can threaten the existing monopolies. For the developing world, Libra is a boon. But for the already developed world, Libra is just one additional coin more.
Data Privacy Is An Issue – How Caitlin Long Think it Can Be Fixed
In the power struggle within the United States, the Trump administration is fiercely cracking down on the traditional financial industry. They may be well-intentioned, but numerous unintended consequences take away some of the freedom bitcoin is supposed to bring. Data privacy is a point of concern, according to Caitlin. Customers are forced to divulge more information than necessary to institutions that may not be holding data securely. Caitlin posed a question: Can blockchain be used to facilitate data privacy?
Wyoming: The Cryptocurrency Capital of the United States
Caitlin has been pushing Wyoming as a leader in cryptocurrency. Thirteen bills have been recently passed, recognizing them as a leading state in blockchain and bitcoin technology. The institutions involved in crypto have been slowly migrating to Wyoming because their regulations are more favorable. Wyoming will be a mecca for crypto industries in the future.
The Biggest Problem of the Current Financial System
Caitlin enumerated problems on two levels. At a high level, nobody knows who owns the assets. At the practical level, Caitlin says that the Federal Reserve allowed a lot more banks to issue paper dollars overseas, creating a significant dollar short position that leads to interest rate crashes. Money is not printed out of thin air, and the dollar may be said to be currently in a near a crashing position. However, bitcoin is not the final nail in its coffin and may be entered into as an alternative for paper dollars.
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Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.