Recording (11)

Lorenzo, a stockbroker at Morgan Sally, debuts a podcast to educate listeners on topics not often covered in mainstream media. He discusses stablecoins, emphasizing their importance amidst economic struggles. Stablecoins provide a secure store of value, especially in countries with high inflation like Argentina and Nigeria. The Tether stablecoin, USDT, is widely used in Nigeria due to limited banking access and high inflation. Lorenzo highlights the impact stablecoins have on financial inclusion and mentions upcoming legislation like the Genius Act and the Quality Act, indicating a shift towards cryptocurrency acceptance. well welcome everybody welcome back this is a live of a stockbroker yeah I work in Morgan Sally and let's start over hi everybody my name is Lorenzo and this is my first time on a podcast and I mean as you can see it's a very very plain place I mean it's still work in progress I guess but yeah I did want to you know make these intro I guess and yeah I mean it's so exciting I am you know I've always wanted to launch a podcast and here I am so yes again I'm a stockbroker I work in Morgan Sally and and my goal I guess well my goal yes with this podcast is to inform people about topics that you know they don't get to read a lot on normal newspapers you know and regular newspapers you know the average newspaper American they don't talk about these things and for someone like me that works you know who works you know in the very very heart of the industry you know I I think it's right it's only right to give back and the way I will give back is like you know sharing my experiences and sharing what I learn every day on the field and you know let's do it so I want to talk about stablecoins today why well because I think they're very very important and they come it seemed that you know they very unusual situation in my opinion because you know they came in in a very very perfect time I guess you know where the economy is where the American government is struggling to pay off its debt you know now we have this new alternative where you know you don't rely anymore on foreign government but you can basically just you know make you know this stablecoins company by exclusively exclusively Treasury and you know and of course make them to go through you know other different procedures you know you know they have to get their assets audited audited audited audited audited and you know and then certified so it's definitely a lot of compliance but so the concept is the same as when we go to Las Vegas and when we go when you go when anyone goes to Las Vegas you know you and naturally to play casino to go to casino and then play gambling and all that good stuff but you know you have to basically change exchange your dollars for chips right the casino chips and sometimes you can also actually buy pay for a hotel if it's within the same family and so if you think that you know if you go when you go to Vegas you give them one dollar and in exchange of that you get a chip for the same amount of value that's that's basically how stablecoins work you get one stablecoin for one dollar so it's again tag with a ratio one to one one dollar for one stablecoin and there you go now you are effectively inside the crypto world and now you know you don't need to worry about sending money back to your bank you know you want to just park for a second your capital and you know you don't you don't want to leave it in the crypto and it's like Bitcoin you know which is again it's definitely showed a lot of a lot of like growth but still you know as a lot of volatility you know you don't want to like lose thousands of dollars overnight so you so and so in that case you know you have to send you need to send money back to your bank you know pay the fees and wait you know two three business days depending on you know what your bank policy are so it's definitely something that we're getting unsustainable going forward for everyone and the government just you know took advantage of the situation to pass you know a law called the genius act which was you know by the way was a bipartisan law and then not a lot of people talk about I believe not a lot of journals talk about it and that's why and that's why I'm here today to tell you guys about this law that definitely is going to change the economy of the United States of America forever the way we approach money was going to change also forever and definitely under a debt standpoint it is going to change the whole we own the American debt going forward it's not going to be China anymore it's not going to be Japan anymore it's not going to be European countries anymore with the new administration you know we've seen that definitely we are we want to rely less to outside countries we want to rely we want to rely way way less on companies you know we want companies to bring to bring their their products and their services here and that's it so with this mindset you know the stable coin comes in in a very very uh strategic strategic way and um and but I I do want to back up a little bit here because I also want to mention that the real purpose not the real but one of the first purposes of stable coin and I in this case I think that's that's the the part the part where people don't know how people get to know a lot and because now it's like you know stable coin just you know just think about cryptocurrency and you know bitcoin and all that good stuff but the originally the purpose uh one of the purposes of stable coins uh was and still is by the way to provide a reliable store of value for people living in you know um under now they call emerging emerging countries but you know definitely like with countries where there is extremely high inflation and poor I mean for example you know I can think about Argentina you know and which by the way is getting much much better than other countries I'm sorry it's getting much much better since the new president came in so I just thought I just think about Argentina because you know it's been very very uh hot in terms of inflation uh and but so now you know the inflation is 40 percent and basically people just like you know every year they they're just like you know their money you know become like toilet paper basically and you know it's just like not it cannot it's not something right it's not something that you know Nigeria is another it's another place that you know they embrace cryptocurrency like uh water like the internet you know because they know that you know the fact that you know they don't have access to to um to you know the banking system for example you know and with a currency that basically you know it just keeps uh losing value year after year they have to adopt you know the stable coin and which is by the way no the name is Tether and it's you know definitely you guys have heard about you know USDT and that was you know it's one of the biggest in terms of supply in the world it's one of the biggest you know with the 150 billion dollar supply and uh and you know 30 percent of the supply is in Nigeria uh and why well that's why inflation is one of the reasons second of all is the fact that you know they don't have access to banks in this uh you know emerging countries and even if they do you know the banks will never take them on because uh you know it's the more it's more they become more they are liability they are liability for the bank it's more the money that they would it's more the bank it's more the money the money that they lose than they they make with these people you know and um and on top of that you know the cost to to to convert uh their currency into dollars right and get the American inflation you know and all that good stuff they're like 20 30 percent so you know they just go to a point where these people you know the only option left was going to the black market right and you know they go to the black market and and and you know to change dollars you know but it's very dangerous you know um it's very dangerous you know anything can happen to you you can get robbed you know you can get in trouble you know with the law so it's just like they found the perfect tool and and and and and that you would can basically stay exposed to the cryptocurrency without exposing yourself to the volatility and which is like you know very clear you know to everyone cryptocurrency is definitely getting getting is definitely getting more trusted by people uh and um and and by the government you know they they they're about to pass you know the one one new bill uh one new act which is the quality act i believe and which basically one of the points you know um in this act is that uh pensions can now invest in private equity and cryptocurrency of course for now most likely the bitcoin will all be the only asset that they can purchase you you you you you you