Former Goldman CFO breaks down why the digital dollar is better than bitcoin and stablecoins
R. Martin Chavez left his Goldman Sachs office in December after decades of work bringing new technology to Wall Street, most recently as Goldman's CFO, though his career began in Silicon Valley. Now, he's returned to the tech world, where he serves on the boards of health technology firms and has gotten involved in the conversation around the "digital dollar." On this week's episode of The Scoop, Chavez broke down some of the changes that have occurred at the intersection of health and technology due to the global pandemic. For instance, a world in quarantine has breathed new life into the field of telemedicine. He also explained why although he sees bitcoin as "an amazing research project," it doesn't quite qualify as money in his view. Chavez compared the coronavirus pandemic to the 2008 financial crisis, in that they are both wake up calls for policymakers. He said the pandemic has been a moment to examine how to build better systems, particularly in the health tech and industrial fields. Meanwhile, it's also illuminated the potential role of a U.S. central bank digital currency as a mechanism for stimulus delivery. While Chavez advocated for a blockchain-based digital dollar, he doesn't think private stablecoins are a suitable stand-in. "Stablecoins are stable right up until the instant that they're not stable," he said. Here are some of the more specific topics featured in the episode: The themes and trends emerging in the health technology space that will be salient in a post COVID-19 world How the pandemic illuminated the need for resilience in industrial companies and how technology can play a role in reform What legislation is needed to reform industries that were hit hard, and how to prepare a more resilient supply chain Why the former Wall Streeter and long time tech advocate says bitcoin isn't money His view on central bank digital currencies and why stablecoins alone won't do the job of a digital dollar. This episode of The Scoop is brought to you by Bitstamp, the original global cryptocurrency exchange. Since 2011, Bitstamp has been a cornerstone of the industry, earning the trust of over four million individuals and top financial institutions looking for a reliable trading venue. Whether you’re trading on our web platform, mobile app or industry-leading APIs, Bitstamp gives you the professional-grade tools you need to execute your strategy. Download the Bitstamp app or visit Bitstamp.net/Pro to learn more and start trading today!