If the US Dollar Is to Survive, It Needs Ethereum to Do It | Eric Wade

[Music] it's a absolute honor to be here talking to you on a stage shared with um Phoenix and arbitrum and I walked in and saw blueberry uh up here and thought okay he's talking about stable coins and then there's been somebody else talking about stable coins so you may see things that has a little bit overlap because there's only so much story we can tell about stable coins but all right so it's full screen on my screen looks like we're in presenter mode on this screen here can we get this to full screen because I don't have notes although it really doesn't matter so look look at the little one over to the left here um this kind of my bold claim so that they would allow me to come up here and talk I I think ethereum and the ethereum ecosystem and evm is going to be critical if we're going to save the US dollar and I mean the big us dollar um a little bit about me who I am I am a lot of different roles over my lifetime I sold a screenplay with my wife to Adam Sandler might be the only one up here who can say that uh helped recovery efforts at Ground Zero after 911 sold wall street.com domain name for a million dollars should I do something oh oh so it's me looked looked good over here that was crazy I have an identical twin who I shot another another probably only person that can say that uh I used to mine ethereum when it was proof of work and Bitcoin which still proof of work and I am the editor of stanbury research's newsletter called crypto capital and also stanbury Innovations report and I am the author of a book called America versus Americans how capitalism has failed a capitalist nation and what we can do about it and apparently I operate on a laptop that is difficult to work with because this guy seems to know his and my my laptop is giving him trouble sorry about that I got hold of the laptop and turn it around I'm just keep going okay it's it's not not on screen though awesome so hit me into slideshow and we'll be good well weet tried I got 16 minutes let's get through this okay I'm Eric Wade oh I'm went too fast um first off when I say if the dollar is to survive uh I'm not talking about stable coins I'm not worried about stable coins yes I do know that the US dollar has lost 97% of its value since 1913 so it seems a little um maybe a little late to come up here and say if the dollar is to survive right you might have seen this slide earlier with um flatcoat and we're here talking about blockchain and cryptocurrency Technology it's hard sometimes to get people to give a darn about 1913 but I think maybe we could reverse that Trend that 110 year trend of the dollar losing value and again I want to reiterate it's not stable coins that need to be saved it's the US dollar um stable coins even though they're difficult even though there's multiple wallets multiple exchanges problematic for people to get their money on and off even though they're not FDIC or ncua or sic backed even though there's fees to buy and sell and move them it may or may not be backed by ask at all I don't know what's going on but we'll just keep going hey look you guys can read ahead at the bottom if you got really good vision and stable coins aren't in your bank account so those are all the negatives about stable coins but we all know there's about $ 135 billion dollar in stable coins right now so obviously our Market likes stable coins in fact I have I have too many Clicks in here remember that $135 billion number for later stable coins are a big part in my mind of saving the US dollar it's not what back stable coins that concerns me there were people up here talking about different backings for different stable coins I'm not that worried about it as much as I'm worried about what backs the US dollar that I'm worried about right now today for our presentation because if the US dollar or the team behind the dollar was a dow I don't think any of us would touch it would we because they don't know what they're talking about they don't know what they're doing here's a great example of our leaders at work Tesla literally lowering the price of their cars so they can qualify for tax credits that our US dollar Dow team was in charge of that sounds like failure to me uh corporate debt defaults surging here's a nice one about I can't read that I'm going to go back to my screen here Banks tightening standards for commercial and Industrial loans shooting up bank rate US 30-year mortgage national average shooting up this is the economy that we're all being subjected to right retail money market funds are really rising and that usually Rises before a recession we haven't gotten the recession yet but job openings dropping these are the people that are in charge of our money right default rates Rising percentage of the population living below the poverty line you can see why I'm worried about what backs the US dollar right countries around the world with the best educational system not America I'm I'm not an anti-American I promise you that uh federal debt rising and never stopping federal government current expenditures these are the interest rate payments on our federal debt you can see why I'm worried about what backs the US dollar right this is credit default swaps the fact that there's a possibility that the US could default on their credit and it's more than zero should shock everybody so this is what I'm worried about so we have three choices obviously I I wrote a book that I say fixes all of that so you can all run out and buy my book and start pushing for low tax hard dollar free unlimited lifetime education yeah those three all work together in my mind in my book it's called America versus Americans that's one of our three choices so how we can survive this another choice is we can start using eth for everything to start spending it like it's cash um flat money asked do we think eth is money well it could be we could use eth as money we know it's volatile but it is hard money right you guys probably recognize this from ultrasound. money that eth is actually going down so I mean in in Supply so we could make it into eth if we wanted to or we could tokenize everything and by we I mean everybody here who came to this can start thinking in terms of tokenizing literally everything we could unlock quadrillions of dollars of real world assets there's a reason why you hear about real world assets so much that's because it's potent we could start using and building dollars that are backed by assets so that's something that we've heard about a couple of times on this stage today right in fact as far as tokenization goes the first mover was the US dollar remember I said there was $1 135 billion dollar in dollar stable coins right now you might be surprised to know that the entire supply of US dollars in 1980 in circul was only $120 billion so the point I'm trying to make with that is we already have as much dollars on chain right now as what it took to run the American economy in 1980 we're not that far behind I get it I get it 1980 some of you think oh wow 1980 different world yeah absolutely was different world we didn't have Tik Tok we didn't have the internet we didn't have cryptos but we ran the entire C country off of 120 billion dollars in US dollars in circulation so we're not that far behind so hey what would happen if we built an asset backed stable coin that everyone could swap their unbacked dollars into could we change the world other our real world assets are moving on chain we have gold on chain already we have diamonds on chain already we have real estate on chain already we have treasuries $845 Million worth of token organized treasuries already stocks moving on chain and derivatives is is this blurry to you guys because it's blurry to me maybe because I'm so close if if that was hard to read I'm sorry someday I think we're going to tokenize everything I'm in that camp I agree that we're going to tokenize everything so the next step for saving the US dollar could be only use currencies that are backed by assets that are provable assets we only need to tokenize $ 6.7 trillion doar worth of dollars to catch up with the real M2 money supply then we retire that whole full faith and credit line that everybody talks about with the US dollar that the dollar is backed by the full faith and credit of the United States and my clicker is not clicking anymore there we go um we can do that once we make all of America's assets publicly owned and track trable those real world assets that I'm talking about we could back our dollars with them and we can then start saying that the dollar is backed by hard assets owned by the United States of America I'm saying if we take the initiative to start that process ourselves then the dollars themselves will stabilize has anybody else seen this chart before it's hard to read but it starts at 1970 this is 1970 so you can imagine what it is right everybody knows what happened in 1971 that's not a crypto that's the dollar Index it's been very unstable that's how much we believe in our full faith and credit of the US dollar that blue blue arrow 1970 19771 okay so what am I hear what am I trying to get across to you it makes sense that moving the US dollar back to being backed by assets that makes sense we haven't had a asset backed dollar since since 1970 1971 right could be made possible by blockchain by tokenizing America's real world assets I believe in that I believe we should do that we could save the dollar we could use the technology that we all came here to learn about that we all like that we all use to say literally save the dollar and that could put us back towards America returning to constrained spending because a hard dollar is psychologically difficult to waste nobody wants to waste a hard dollar as much as they want to waste a dollar that's always going down in value and possibly America could reverse the possibility of losing the dollar as the world's Reserve currency so yeah I'm a I'm a macro guy obviously right and maybe avoid US dollar hyperinflation which none of us want so we can make it possible save the dollar if we start to work with stable coins backed by provable realworld assets that's not all it takes but that'd be a good start is if you have a choice of what stable coin you want to hold as you're trading in and out of something look for the one that's backed by provable real world assets so obviously I'm not dumb enough to say that if we start this the US Treasury is going to start changing their policies just because we made it possible for them to do so but we should make it possible to do so if if we build the uh if we lead the effort then we can make the dollar ultrasound money as well and I believe that's possible and I guess I spoke a little quickly even after that um slow start I'd like us to start thinking about the first trillion doll stable coin just that that concept that idea that I yeah I get it Bitcoin trillion it's it's been there before and then lost it and we're not there yet tether 100 billion I think right I could be right I could be wrong about tether plus or minus a billion dollars tether's 100 billion I'm not saying tether needs to be the first trillion dollar stablecoin but what kind of a world would we live in if we built something that Drew a trillion into an onchain real world asset blockchain power trillion dollar stable coin that's the kind of world that I want to live in that's what that's what I'm hoping maybe that we have the energy to um accomplish between now and the next time uh we come back here next year so I'm Eric Wade with stanbury research and that's what I wanted to get you guys to think about so I am done early thank you thank