David Woo, a former top Bank of America executive, is famous for his 2013 prediction that Bitcoin would prove to be a viable alternative to traditional money transfer providers.
Nearly a decade later, Woo is still prognosticating about the future of Bitcoin and other cryptocurrencies, though given the current macro backdrop, his outlook is significantly bleaker.
In the latest episode of The Scoop podcast, Woo joins host Frank Chaparro to explain why Bitcoin may not be spared from the economic and geopolitical issues he sees potentially forming on the horizon:
“I think the most important story that we could be transitioning into is basically Cold War II," he said. "Cold War II that pits the US and its allies against China and Russia... That’s not going to be fun.”
US efforts to potentially develop its own central bank digital currency in such an environment also spells trouble, though the Fed itself hasn't given the official green-light on this front.
To illustrate his point, Woo pointed to China, where the launch of a CBDC resulted in a harsh crackdown on services facilitating the exchange of fiat currencies and crypto assets.
Earlier this month the Biden Administration issued an executive order which, among other things, “places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.”
Woo suggests that it is this particular event that will have a profound impact on Bitcoin: “Once you have a CBCC, do you not think the attitude towards Bitcoin is going to change completely?”
Episode 22 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and David Woo, Founder and CEO of David Woo Unbound.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
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