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The 5Cs (revised and updated)

A presentation on the "5Cs" who might make money in the future presented at the Russian Fintech Assocation in Moscow in August 2017. Many thanks to BCG for hosting and many thanks to audience for their thoughtful questions and interventions.

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The 5Cs (revised and updated)

  1. 1. Who will make money? A discussion about the future of digital currency David G.W. Birch Russian Fintech Association (Moscow, August 2017) @dgwbirch V3
  2. 2. David G.W. Birch author, advisor and commentator Global top 15 favourite sources of business information (Wired Magazine); London FinTech Top 10 most influential commentators (City A.M.); Top 20 Fintech Influencer (JAX London); Top five Leader in IDentity (Rise); Top 10 Twitter account followed by innovators, alongside Bill Gates and Richard Branson (PR Daily); Top 10 most influential voices in banking (Financial Brand); Top 50 blockchain insider (Richtopia); Europe’s most influential commentator on emerging payments (Total Payments). 2 ThisisINSANE
  3. 3. Available at all good bookshops… • > 3
  4. 4. Agenda What is digital currency? Who might issue digital currency? Who do I think will issue digital currency? 4
  5. 5. Currency and Digital Currency Let’s agree on the terminology and then we can move on 5
  6. 6. Dumb Money and Smart Money 6
  7. 7. Virtual Currency 7
  8. 8. Digital Currency Strictly speaking a currency board, not a currency 8
  9. 9. Cryptocurrency Why would a central bank issue a currency that they cannot control? 9
  10. 10. Taxonomy Strawman 10
  11. 11. Money Creators Five different ideas about the future of currency 11
  12. 12. Issuers: the 5Cs 12
  13. 13. Central Bank There are obvious +ve GDP benefits to a digital currency 13
  14. 14. Commercial Bank Swindon, City of the Future 14
  15. 15. Company M-PESA is a currency board too 15
  16. 16. Cryptography Private and public keys as “digital gold” 16
  17. 17. Community Reduce internal transaction costs, increase external transactions costs 17
  18. 18. What’s the Story? A future narrative 18
  19. 19. BritCoin or BritPESA? I look forward to a time when the successors to Bill Gates will have put the successors to Alan Greenspan out of business. Edward de Bono (1993) 19
  20. 20. Looking Forwards The electronic money world looks much more like the neolithic world economy before the invention of money than it looks like the market as we have known it in the past few hundred years Social anthropologist Jack Weatherford The Fiscal Frontier (1998) 20
  21. 21. in the future, everyone will be famous for fifteen megabytes engage dgwbirch limited post 1 Armadale Road, Woking, Surrey GU21 3LB, UK call +44 7850 863168 contact visit follow @dgwbirch comment connect order “Before Babylon, Beyond Bitcoin”