The CEO of a bitcoin wallet startup explained the social importance of a digital currency that isn’t controlled by the government on Tuesday’s “The Glenn Beck Radio Program.”
The cryptocurrency bitcoin has been rising in value but is still mysterious to most people. One of its distinct characteristics is that bitcoin is a currency that operates outside any government, country or other entity that could manipulate it.
Glenn Beck asked about Casares’ experience growing up in Argentina at the time when their currency collapsed.
“I’m imagining that that drives you quite a bit when it comes to bitcoin,” Glenn noted.
Casares recalled the day that his mom interrupted the school day to pick up him and his two sisters for a trip to get groceries, something that was highly unusual. His mom carried two plastic bags of cash because she had been paid that day, and she gave each child a list of groceries to get. When they had gotten everything on the list and had money left, she told them to get more food, saying, “Tomorrow, [the money is] going to be worth less. We have to spend it all today.”
A currency that can’t be devalued overnight could not only help people to eat that day, but also hold society together. “Something happens to the social fabric when people cannot trust something as basic as money,” Casares said.
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