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BREAKDOWN: Niall Ferguson on Why Bitcoin and China Are Winning the Monetary Revolution

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4.8689 Ratings

🗓️ 6 December 2020

⏱️ 16 minutes

🧾️ Download transcript

Summary

The well-known economic historian connects the dots between bitcoin and CBDCs in the COVID-19 money era.

This episode is sponsored by Crypto.comNexo.io and this week's special product launch, Allnodes.

On today’s Long Reads Sunday, NLW reads Niall Ferguson’s latest Op-Ed for Bloomberg: “Bitcoin Is Winning the COVID-19 Monetary Revolution

In it, Ferguson argues that bitcoin’s sovereignty and “built-in scarcity in a virtual world characterized by boundless abundance” are driving its adoption. 

He also argues that rather than adopt a China-style central bank digital currency, incoming President Joe Biden should look to integrate bitcoin into the U.S. economic system.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome back to The Breakdown with me, NLW.

0:09.1

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

0:14.8

The breakdown is sponsored by crypto.com, nexo.io, and all nodes.

0:19.1

And produced and distributed by CoinDesk.

0:22.5

What's going on, guys? It is Sunday, December 6th, and that means it's time for Long

0:27.8

Reads Sunday. And I have never had as many requests for a specific piece as I have for this

0:35.3

one. It could only be the piece in Bloomberg by Neil Ferguson. Bitcoin

0:41.1

is winning the COVID-19 monetary revolution. So instead of giving you some big long intro,

0:47.4

let's just dive in. In Shuggy Bain, Douglas Stewart's award-winning and harrowing depiction of

0:52.8

alcoholism, sectarianism, and deprivation

0:55.4

in post-industrial Scotland, money is always scarce and often dirty. Deserted by her second

1:00.4

husband and unable to hold down a job, Shuggy's mother, Agnes, relies on her twice-a-week benefit

1:05.4

to feed her children, or her booze habit. As the latter nearly always wins, she and Shuggy are

1:10.4

regularly reduced to

1:11.6

desperate expedience to fend off starvation, extracting coins from electricity and television meters,

1:16.9

pawning their few valuable possessions, and ultimately selling their bodies for brutal sexual

1:20.9

favors. Stuart vividly captures the miseries of a Glasgow of greasy coins and filthy banknotes.

1:26.9

After one of many wretched copulations

1:28.9

in the back of a taxi, one of Agnes' lovers inadvertently showers her with coins from his pocket.

1:34.3

Shogi's father briefly reappears at one point handing his son two 20-pence pieces from his

1:38.4

taxis change dispenser by way of a gift, grudgingly adding four fifty pence pieces when the boy

1:43.0

looks nonplussed. Don't ask for mar.

...

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