Crypto challenging the dollar is 'very healthy': Judy Shelton
Bitcoin (BTC-USD) and other crypto-related stocks have rallied to new highs after former President-elect Donald Trump won reelection. The president-elect is perceived as friendly to the crypto industry. Yahoo Finance’s Executive Editor Brian Sozzi sits down with Independent Institute senior fellow and former economic adviser to President Donald Trump Judy Shelton to discuss her stance on crypto and its role in strategic federal reserves. "This was a turnaround for President Trump to support the crypto community. It was it was brilliant. I think that the whole decentralized finance movement does reflect less trust in government management of money, and I think that's healthy," Shelton tells Yahoo Finance, saying, "I think we need to challenge whether or not we want to have [the] government use money, which I consider private property. You earn it. I consider it a moral contract between citizens and the government that money performs as a meaningful unit of account and a reliable store of value. I think it's very healthy to challenge the protected status of the dollar as our legal tender by allowing continual innovation in the sphere of alternative currency." The former Trump advisor says, "I don't think it's a choice of the dollar versus crypto. I want to capture the efficiencies of blockchain technology, which I think works much better for individual consumers. But I think the dollar can be connected to it, through private sector innovation, through stablecoins, and alternative efforts coming forward to say, 'How can we link to the dollar in a way that strengthens the dollar?'" "I mean, we believe that competition brings about a better product, so let's have competition," she says, noting, "I do not want a Federal Reserve digital currency. I think a central bank digital currency would be a monopoly that would be terrible. But I do think that we should keep encouraging it in the private sector and I welcome the openness of the incoming Trump administration to the cyber community and to crypto." Watch the full interview with Shelton here. To see every interview from Yahoo Finance Invest, click here. This post was written by Naomi Buchanan.
