Kent Swig, one of the biggest real estate developers in New York City, just gathered $6 billion to set up a cryptocurrency backed by gold. If a cryptocurrency is backed by something like gold or the dollar, it’s called a stable coin. At any moment, you can swap it for a fixed amount of the anchor money—an ounce of gold, for example. This is different from bitcoin, which changes price depending on what people are willing to pay for it.
NTD discussed the new coin with Steve H. Hanke, a professor of applied economics at Johns Hopkins University and one of the world’s leading currency experts. He’s not a fan of bitcoin but says crypto is the future. NTD asked him what he likes about it.