Will Cryptocurrency Balance the Financial Scales?

Luke
Luke Fox
Mar 8, 2021
Adella Toulon-Foerster Adella Toulon-Foerster Podcast banking bitcoin cryptocurrency digital currency fintech Luke Fox Luke Fox Podcast WhiteFox Defense

Bringing together leaders, lawmakers and lawbreakers. Host Luke Fox explores how innovations in business and technology are redefining our trust in security measures.

 

There’s a lot of trust that’s necessary in the standard world of banking. Consumers don’t control transactions; they simply trust the bank will make them. So, why not cut out the middleman? Cryptocurrency could be the answer. Host Luke Fox welcomed fintech expert Adella Toulon-Foerster to the show to discuss everything crypto and bitcoin. Toulon-Foerster has an impressive backstory, holding two legal degrees and working for think tanks, law firms, and governments.

First, Toulon-Foerster explained what bitcoin is. “It’s a centralized digital currency without a bank or single administrator recorded on blockchain, which is a public ledger. It’s the most transparent financial system.”

While its operations are transparent, many feel its clouded in secrecy, but Toulon-Foerster assets its “trustless.” “With bitcoin, you don’t have to trust a bank will complete the transaction. Once it’s sent, it’s done, the end, no middleman.”

One thing that drives Toulon-Foerster’s interest in cryptocurrency is that it could be a source of equity and equality. “It’s a permission-less way for the disenfranchised to participate in a global financial ecosystem without a government.”

Cryptocurrency doesn’t require dependence on a financial institution. Its value and awareness of it are rising, with tweets from Elon Musk and a $1.5 billion investment by Tesla. How to categorize bitcoin is a tricky subject. “It depends is the answer. It could be a currency, but it’s not legal tender. It could be a commodity or property.”

Could bitcoin become completely mainstream? That’s certainly within reach, as it may be more accessible and valuable than money one day.

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