Will a host of privately minted cryptocurrencies displace the U.S. dollar? Professor Eichengreen tells us about a period in which private American banks issued their own notes. It was a chaotic time that ended with the Civil War. Why does this matter? Because not only is cryptocurrency all the rage with investors but also the U.S. government is getting into the game. The Federal Reserve had been studying digital dollars, and President Biden recently issued a cryptocurrency executive order.

Our guest, Mr. Barry Eichengreen, is a Distinguished Professor of Economics and Professor of Political Science at the University of California, Berkeley, and he is a Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic Policy Research (London, England). Prof. Eichengreen is the author of Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System (see Amazon). His latest article is "Digital Currencies - More than a Passing Fad?"

In this episode, he answers questions like what is cryptocurrency? What is it used for and are there different types? What percentage of world trade is conducted in U.S. dollars and will cryptocurrency endanger the dollar's dominance? Why are countries such as Iran, China and Venezuela interested in cryptocurrency? And what about El Salvador? Is it a joke that they want to harness the power of a volcano to mint Bitcoins?
I hope you enjoy this episode and gain some perspective about the history of the U.S. dollar, its dominance and the rise of the digital dollar. 
Adel Host of ThePeel.news podcast

U.S. Economy Series
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🎵 attribution, links and license for the theme music in this podcast is below: The Success by Keys of Moon | https://soundcloud.com/keysofmoonMusic promoted by https://www.free-stock-music.com Attribution 4.0 International (CC BY 4.0). https://creativecommons.org/licenses/by/4.0/

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