Anyone who has spent more than a few minutes with Bitcoin has heard the phrase “be your own bank”. This of course refers to the fact that Bitcoin is a peer-to-peer network controlled by users rather than a central banking system. But there is still room for banking in the Bitcoin world. However, this is different from the system we are used to today.
Caitlin Long has vigorously fought for sound banking practices, especially regarding the dangers of Bitcoin leverage. Her work has brought positive attention to what banking in the Bitcoin space should be like.
Long’s impressive 22-year Wall Street career, combined with her outspokenness and track record of defending sound money, has made her a legend in many circles. In her home state of Wyoming, Long founded and is CEO of Custodia Bank, formerly Avanti Financial Group, which works to bridge the gap between her traditional banking operations and digital assets. . Most recently, Long was at the forefront of the fight for Custodia to become a digital asset bank with accounts in the Federal Reserve.she’s faced with an unreasonable event oppose But Mr. Long has faced these setbacks with stoicism, professionalism and integrity, and has continued to fight for access to the Fed’s custodia through a lengthy legal battle.
It was an honor to interview Long about her outlook on the Bitcoin space and the future of finance. I’m sure her answer is insightful.
How I first learned about Bitcoin and what I learned about it in particular Are you attracted to it?
I first learned about this in 2012 from the School of Alternative Economic Thought. I was a member of the email group and at the time I started noticing people talking about it. For those unfamiliar with alternative economics schools, Bitcoin has generated a lot of interest within various schools. For example, adherents of the Austrian School of Economics commonly see Bitcoin as the digital equivalent of gold because of its limited supply and decentralized nature. This is a value alternative. They would also argue that Bitcoin is inherently apolitical and deflationary, making it a better alternative to fiat currencies that rely on inflationary monetary policy.
There are some other arguments to discuss about Bitcoin and alternative economic thought, but I don’t have time to go into them.
As a leader in the bitcoin banking sector, you’ve seen the ups and downs of US policy, do you think custodia will eventually be given Fed members and accounts?
Let the lawsuit itself speak for custodia. But I am optimistic about policy issues in general. Today’s Washington DC powers think they have the power to kill Bitcoin, which should make us all laugh.bitcoin is already dead 474 dead but still alive It’s just code, and his 8 billion people around the world already have the ability to run code on their smartphones. When organizations make decisions out of fear, they tend to get exactly what they feared. US policy makers will experience what they fear here as a result of pushing Bitcoin services into the proverbial shadow. They will face a stronger, globally distributed and therefore more resilient Bitcoin network, but with less visibility and control over the US dollar. Better on/off ramp than current.
Do you think Bitcoin is an asset that will help maintain the US dollar as the global reserve currency, or as a means of achieving a global apolitical monetary system?
There are undoubtedly strategic and national security advantages for the United States to maintain its leadership in this technology. Yes, we can issue dollars on the Lightning Network, for example, and the US should accept this. The fact that stablecoins are gaining so much momentum is proof that the world wants the dollar to be on the fast payment rails of the internet.
Why do you think it’s important to close the gender gap in Bitcoin interest and adoption?
This is a tough question, and it goes far beyond Bitcoin. This is true not only for the STEM field in general, but also for the technology field as a whole. It’s no secret that in 2017 I funded a scholarship for female engineers at the University of Wyoming with an expensive bitcoin. In it, I do my best to ensure that women stay in the engineering field after entering engineering majors.
Aside from women speaking out, the best thing the Bitcoin world can do to attract more women, and indeed people of all backgrounds, is to keep adding blocks. The introduction will continue in the future!
There is considerable irony in the fact that Long and the Custodia team are doing things in the most compliant way possible, yet face resistance from within banking regulators. The concept of full reserves has been indoctrinated for decades at the altar of debt and re-hypothesis, so it doesn’t apply to banking regulators at all. Pioneers like Long deserve not only our respect, but our support as they were the first to join the invasion.
This is a guest post by Becca Bratcher. The opinions expressed are entirely their own and do not necessarily reflect those of her BTC Inc or Bitcoin Magazine.