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The Breakdown

How a Massive Devaluation of the Egyptian Pound Inspired a $100M Bitcoin ETP

The Breakdown

Blockworks

Investing, Business

4.8786 Ratings

🗓️ 7 November 2020

⏱️ 29 minutes

🧾️ Download transcript

Summary

Hany Rashwan is the CEO of Amun/21Shares, the creator of a variety of publicly traded crypto products with over $100 million assets under management.  In this conversation, he and NLW discuss: How he was introduced to bitcoin by Tim Draper in 2012 How the Egyptian revolution and challenges that followed influenced his thinking  How a 48% overnight devaluation of the Egyptian pound created the “aha” moment around bitcoin How bitcoin could become the global reserve currency  Find our guest online: Twitter: twitter.com/hany Website: 21shares.com

Transcript

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0:00.0

in moving forward and really pushing this in a more global setting for as many people as possible,

0:06.7

there's this macro trend with what is going on with the American century and what is going on

0:11.3

with dollarization and how does the rest of the world fit into that and what the next steps are

0:16.1

that I think are the most compelling argument for how honestly Bitcoin can reach the millions of dollars

0:22.7

per Bitcoin value that some of its proponents think of.

0:27.3

Welcome back to The Breakdown with me, NLW.

0:31.4

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

0:37.2

The breakdown is sponsored by crypto.com and nexo.io and produced and distributed by CoinDes.

0:44.8

What's going on, guys? It is Saturday, November 7th, and usually on Saturday we do the weekly

0:51.0

recap. However, as I've mentioned a couple times, I'm actually traveling this

0:55.1

Saturday, so instead I'm doing this interview, and it's one I'm really excited about. Between 2004 and

1:01.7

2008, I lived on and off in Cairo, Egypt, about six or seven times. I thought I was going to spend

1:07.7

my life in the Middle East, and obviously things went very differently,

1:11.1

but it's still a place that I care about deeply and am fascinated by.

1:15.3

And so as part of this sort of global coverage, maybe shifting focus away from America

1:20.3

after such a long election season, I wanted to talk to someone who was in the Bitcoin and

1:24.9

crypto space, but who had roots in Egypt and who could maybe bring

1:28.5

together those threads. Enter Hany Rashwan. Hany is the CEO and founder of Amun and 21 shares.

1:36.6

He has founded numerous fintech companies before this, all at the ripe old age of 30,

1:41.3

and he's a super thoughtful smart guy, as you'll see from this conversation.

1:45.5

In it, we talk about how Hanny was both introduced to Bitcoin and where it really clicked in,

1:51.4

and you won't be surprised to find that it was at a moment of currency devaluation of the

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