Key Takeaways

• Former Credit Suisse Global Chief Economist Giles Keating and SPiCE VC Founder Tal Elyashiv are among the industry experts who assert that cryptocurrency and Central Bank Digital Currencies (CBDCs) are "highly complementary."
• In tandem, Wharton Professors Brian D. Feinstein and Kevin Werbach believe that "regulation won't harm cryptocurrencies."
• However, NYU Professor Nouriel Roubini and BlockTower Capital Founder Ari Paul are among the detractors who believe that "Central Bank Digital Currencies will destroy Cryptocurrencies," while government "regulation could reshape crypto exchanges within two years."

Introduction

Experts on the Impact of Central Bank Digital Currencies

#1: Giles Keating

• Giles Keating is an "internationally recognized thought leader and market commentator" as Credit Suisse's former Global Chief Economist of Investment Banking and former Global Head of Research for Private Banking/Wealth Management.
• At present, Mr. Keating is a prominent voice at the intersection of traditional finance and cryptocurrency markets through his blog, The Digital Economist, where he discusses how cryptocurrency and CBDCs are "highly complementary."
• Key recent posts from this blog, which is referenced and syndicated by a variety of major outlets including Forbes and LinkedIn, include the following:
• The Digital Economist (May 2, 2021): The Harmonic Triangle: CBDC, Cryptos, Stablecoins (link here).
• The Digital Economist (June 1, 2021): China Embraces Ethereum (link here).

#2: Tal Elyashiv

• Tal Elyashiv is the founder and managing partner of SPiCE VC, a venture capital fund that specializes in Blockchain and tokenization.
• As part of his broad portfolio of crypto-focused guest appearances, Mr. Elyashiv has presented a bullish prediction for how CBDCs will expand and normalize the cryptocurrency and blockchain ecosystem, including within the following articles/interviews:
• CNBC (January 21, 2021): Op-ed: A new global arms race in digital finance is heating up (link here).
• Crowdfund Insider (January 22, 2021): Blockchain or DLT based Tokenization Is Inevitable, as Global Rivalry in Digital Currencies Continues, Industry Exec Explains (link here).

#3: Roger Huang

• Roger Huang is an author and routine contributor to Forbes, VentureBeat, TechCrunch and Fast Company, among other leading publications.
• He purports that CBDCs are "more competitive than collaborative offerings" relative to cryptocurrencies, while adding that government regulation has the power to "dampen" cryptocurrency pricing and fragment its international ecosystem.
• Examples of Mr. Huang's commentary on how CBDCs and government regulation may impact the crypto market are as follows:
• Forbes (October 13, 2020): Central Bank Digital Currencies Are Not Cryptocurrencies (link here).
• Forbes (December 15, 2020): How A Biden Administration Is Likely To Approach Bitcoin (link here).
• Forbes (August 14, 2019): China's Digital Currency Is Unlikely To Be A Cryptocurrency (link here).

#4: The Crypto Guy

• As the founder of the Coin Bureau brand, The Crypto Guy has amassed a sizable following for his insights on cryptocurrencies via YouTube (1,070,000 subscribers), Twitter (231,300 followers) and Instagram (52,400 followers).
• Examples of his public statements on the potential impact of CBDCs and government regulation on cryptocurrency include:
• YouTube (October 17, 2020): CBDCs: Good or Bad for Crypto?? (link here).
• Twitter (January 11, 2021): The UK's FCA has some fairly reasonable concerns about #crypto. However, the solution is awareness and education for those new to the market. *NOT* stifling regulation that kills all innovation. (link here).

#5: Nouriel Roubini

• Nouriel Roubini is a Professor of Economics and New York University’s Stern School of Business, the CEO of macroeconomic consultancy Roubini Macro Associates and the founder of Rosa & Roubini Associates.
• Within interviews and written opinion pieces, Mr. Roubini has forecast that CBDCs will ultimately undermine cryptocurrencies:
• NYU Stern (November 19, 2018): Why Central Bank Digital Currencies Will Destroy Cryptocurrencies (link here).
• Cointelegraph (November 9, 2020): CBDC revolution is coming in three years, says Bitcoin naysayer Roubini (link here).
• Twitter (December 4, 2020): I was interviewed now by @tomkeene and @flacqua on @BloombergTV on Bitcoin, crypto-currencies and Central Bank Digital Currencies (CBDC). CBDC will have NOTHING to do with crypto or blockchain as they will be private, centralized, permissioned and with trusted authenticators. (link here).

Experts on the Impact of Cryptocurrency Regulation

#1, #2: Professors Brian D. Feinstein and Kevin Werbach

• Brian D. Feinstein, Wharton Assistant Professor of Legal Studies and Business Ethics, and Kevin Werbach, Wharton Professor of Legal Studies and Business Ethics, have co-authored a series of opinion pieces that promote the idea of regulation as complementary or non-threatening to the crypto industry.
• Their commentary is directly tied to a forthcoming research study in the Journal of Financial Regulation (link here).
• Recent articles and interviews by these two individuals on the subject of interest are as follows:
• The New York Times (April 14, 2021): Don’t Fear Cryptocurrencies. Manage Them. (link here).
• Knowledge@Wharton (April 27, 2021): Why Regulation Won’t Harm Cryptocurrencies (link here).
• Wharton Business Daily (April 29, 2021): Don't Fear Cryptocurrency Regulation: Wharton Professor Explains Why (link here).
• LexBlog (September 28, 2020): The Dog that Didn’t Bark: The Effects of Regulation on Cryptocurrency Trading (link here).
• The Regulatory Review (August 31, 2020): Does Regulation Chill Cryptocurrency Trading? (link here).

#3: Ari Paul

• Ari Paul is the founder of BlockTower Capital, a cryptoasset investment firm, and one of the "Top 50 Blockchain and Crypto" influencers on Twitter, where he has 181,000 followers.
• Known as a prominent voice on the potential regulation of cryptocurrency, his views are routinely shared through social media, broadcast interviews and articles, such as:
• CNBC (January 19, 2018): Cryptocurrency investors brace for regulation crackdown (link here).
• Twitter (January 22, 2018): The single biggest dynamic driving cryptocurrency markets on a long time frame is the reflexivity of regulation. Crypto value rises sharply — it invites regulation that kicks it back down. 3 steps forward, 2 steps back. (link here).
• Modern Consensus (August 26, 2020): Regulation could reshape crypto exchanges within two years (link here).

#4, #5: Aaron & Austin Arnold

• Siblings Aaron and Austin Arnold are the founders of Altcoin Daily, a cryptocurrency YouTube channel with 833,000 subscribers.
• The pair have released several of the most viewed videos on social media related to the potential impact(s) of regulation on cryptocurrency, including:
• Altcoin Daily (December 19, 2020): The USA Just Proposed Scary Cryptocurrency Regulation for 2021 (link here).
• Altcoin Daily (November 19, 2020): The US SEC Chairman Warns of Upcoming Cryptocurrency Regulation in 2021 (link here).

#6: Kenneth Rogoff

• Harvard University Professor of Public Policy and Economics, Kenneth Rogoff, is another leading cryptocurrency expert who has publicly expressed the bearish view that cryptocurrency is "unsustainable" and will "eventually drop" amid government regulation.
• Public interviews and reporting that highlight his viewpoint on cryptocurrency regulation include the following:
• The Harvard Crimson (January 8, 2018): Economics Professors Predict Bitcoin Will Drop in Value (link here).
• Business Insider (February 6, 2018): Economist Ken Rogoff: Cryptocurrencies will eventually be regulated and issued by the government (link here).
• GoldHub (February 12, 2019): The curse of cash and the allure of gold (link here).

Research Strategy