Fintech guru David Birch, a consultant and prolific speaker on the blockchain conference circuit, wrote “The Currency Cold War: Cash and Cryptography, Hash Rates and Hegemony,” just in time for our global pandemic. He nailed the timing. For years Birch had his own pet theories about a clash of digital currencies. But “that was just me, just some guy talking about it,” he tells me in his British accent, which seems always on the verge of a sly joke. “And who cares, you know?”
Then came Jackson Hole.
In the fall of 2019, at a Jackson Hole, Wy., event Birch describes as a “Burning Man for people who run central banks,” the Governor of the Bank of England, Mark Carney, said that perhaps it was time for some form of “synthetic hegemonic currency” to deal with what he called the “destabilizing dominance” of the U.S. dollar.
This comment seemed to galvanize Birch. “The Governor of the Bank of England is emphatically not just some guy,” Birch says. He realized the Currency Cold War was not just his own pet theory – it was imminent. It might already be happening. And it has consequences. Which currency would society choose? Would it be one or many? Read the full tale.