I don't think central banks are going to give up fiat currency anytime in my lifetime.
Money you won't need to use for at least seven years is money for investing. The goal here is to have your account grow over time to help you finance a distant goal, such as building a retirement fund. Since your goal is in the future, money for investing belongs in stocks.
I think long-term, Bitcoin is a currency of the Internet. So, even if humans don't use it, routers will use it. Web browsers will use it. Web servers will use it.
Earlier, physical currency used to dominate. Now, mobile currency or digital currency is dominating. For digital currency, fintech is very crucial.
Over the next decade, there will be disruption as significant as the Internet was for publishing, where blockchain is going to disrupt dozens of industries, one being capital markets and Wall Street.
I think what we really need to think about is how do we reimagine the management and movement of money in an era where everyone will have a smartphone.
Cash is going to be killed. It will be nostalgia.
We believe existing currencies may move into becoming more of a crypto-currency.
I think that retiring the baby boomers is going to be one of the great challenges in America, that you cannot make fiscal sense out of the future of our children without taking on entitlements.
I think fiat currencies will become digital.
I do think some digital currency will end up being the reserve currency of the world. I see a path where that's going to happen.
To finance longer life spans, we must convince individuals to start investing now for the long term. But longevity should be an asset that can be levered, not a curse. They must understand that there's a cost to sitting in cash. No one talks about that cost.
I believe that rather than it being a case of humans versus machines, the future of financial advice more likely lies somewhere in between, where human advisors leverage artificial intelligence and automation to become smarter and more efficient at doing their jobs.
In the future the question will not be, "Are people credit-worthy", but rather, "Are banks people-worthy?"
There will be an electronic currency, and it will be universal, and we must accept that fact.
The brain scientists are the wave of the future in the financial world. If you seek to maximize understanding, whether you're in academia or in the investment community, you'd better pay serious attention to them.
