Andrew Yang on Tantra Talks
Andrew Yang joins Russell LaCour and Brekkie von Bitcoin on Tantra Talks to chat about how Bitcoin changed his life, the hierarchy of money, and River’s goal of bridging the gap between Bitcoin and traditional finance.
In the beginning of the podcast, Andrew shares about his personal transformation upon discovering Bitcoin and how it taught him to become a sovereign individual in a digital world. Bitcoin forced him to learn about digital security and privacy. It also introduced him to the idea of monetary scarcity, which sent him down the path to explore Austrian economics as a potential alternative economic framework to view the world.
“That’s why I’m so passionate about introducing Bitcoin to the masses. If I can learn and I can grow and I can improve my life in this way, then I feel like other people should have the same opportunity.”
Another topic the group discussed was Nik Bhatia’s presentation on the hierarchy of money and how the various world currencies and monetary systems are related to one another. For example, when Mexico and Brazil trade with one another, Mexico isn’t willing to accept BRL and Brazil isn’t willing to accept MXN. But they are both willing to settle in USD. Therefore, USD sits above BRL and MXN in the hierarchy of money. This also explains why the hyper-inflation of Venezuelan bolivares doesn’t significantly affect the global economy but the hyper-inflation of the USD would.
In addition, Andrew discussed River Financial’s commitment to being a legitimate financial institution by bringing aspects from the traditional finance space to the Bitcoin ecosystem. One way we have started bridging the gap is by adding the performance tracking feature in December 2019. This feature enables clients to see their overall account performance, as well as show the the cost basis for each transaction. We believe this will allow clients to make more informed buying & selling decisions, as well as provide the necessary information for clients to file taxes in a more efficient and accurate manner.
These types of financial tools are used everyday by traditional financial services firms, including companies like Fidelity, Charles Schwab, and Vanguard. However, it is an area that has not been properly addressed by the current Bitcoin platforms on the market today. River plans to continue building out these types of financial tools so that we are able to provide a great client experience.
Other topics that Andrew, Russell, and Brekkie discussed were how having a family is a low-time preference behavior, Bitcoin address formats, and the struggles of living in Los Angeles. Catch the full interview here.