The earliest cryptocurrency, a kind of virtual or digital currency, emerged as far back as the early 1990s, however, most of them are long gone. Today, there are more than 300-400 kinds of virtual currency in the market, with an array of odd names like feathercoin, bbqcoin, fireflycoin, and zeuscoin.
Critics often highlight that a virtual currency is backed by nothing, like gold or a national government, and therefore has no intrinsic value. Yet such currencies continue to grow in popularity. In fact, advocates are confident that virtual currency serves an important purpose, and is here to stay.
The growth in cryptocurrency challenges established institutions such as central banks, exchanges, and governments, and can potentially change the way businesses are conducted around the world.
David Lee is the Academic Director of the Sim Kee Boon Institute for Financial Economics at the Singapore Management University, and a Professor of Quantitative Finance at the SMU Lee Kong Chian School of Business. His institute has been involved in digital currency research since 2013 and he is presently writing a book on cryptocurrency scheduled for release next year.
In this podcast, Professor Lee shares with us his insights on the development of cryptocurrency, its global impact, as well as its prospects going forward.
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