With Crypto, Tristan Bishop Pan Says, a New World Currency Is Before Us

Hundreds of millions of people around the world in dozens of countries are unbanked, meaning they do not have the ability to put money in a banking institution of some sort, Tristan Bishop Pan says. “Although it sounds innocuous, the lack of access to a financial institution to leverage their financial abilities significantly slows down economic growth and helps to keep people within their status quo economically. Imagine not being able to buy a house until you had enough money to pay for it all in cash. Although that sounds simple, it would prevent all the possible gains a person can get from the leverage growth of that market.” Crypto, Tristan Bishop Pan believes, is going to change all of this and help bring millions of people into a banking system that anyone can participate in if they have access to the Internet.

Whole countries are already starting to adopt crypto, Tristan Bishop Pan continues. “That includes the unbankable countries. A lot of them are starting to go all in on the idea of investing in crypto. It’s easy to understand why. When you’re shut out of the world’s traditional banking system and suddenly have this option open to you, it’s very attractive to both the country’s leaders and its population.”

Cryptocurrency is already making its way into the societies of developing countries. “That’s true of Afghanistan,” Tristan Bishop Pan confirms. “During the Afghanistan evacuation in August 2021, the country’s banking system went down, and no one could send money to people in Afghanistan to assist the locals. The answer came in the form of cryptocurrency. Lo and behold, during the middle of a country-wide evacuation, when the country’s entire financial system had shut down, cryptocurrency still prevailed, and goods and services were still being traded using crypto. I saw it with my own eyes.”

Think how this will be for the unbanked around the world, Tristan Bishop Pan says. “There are so many countries that are mostly poor or that don’t have access to the banking system. Now, with digital currency, if you have access to the Internet or a satellite, that changes.”

Elon Musk, Tristan Bishop Pan points out, launched his international global satellite Internet system. “Starlink aims to give access to not only information but opportunity for growth to the underserved of our planet. The economic futures and financial systems of the entire world are changing. The Bahamas has had an official cryptocurrency since October of 2020. El Salvador adopted Bitcoin as legal tender in 2021 while countries like Russia, Venezuela, and Ukraine have passed laws foreshadowing the possibilities of doing the same. However, the behemoth everyone is talking about is the Chinese yuan. China is the world’s most populated country according to the 2020 Worldometer census, coming in at 1.4B people compared to the United States’ 331M people. China also has the world’s second largest GDP. Many reputable economists have predicted that China will overtake the U.S. in GDP between 2026-2028. On December 9, 2021, China announced that it has entered the second phase of its plan to adopt an official government cryptocurrency, called the Digital Yuan. China has been testing out the pilot program for over a year and is now using it in cross border transactions between institution transactions. This is absolutely huge to the world of crypto when a major world power is stating they will be switching to officially adopting a cryptocurrency as opposed to using a traditional fiat currency. ”

It is not limited to the international arena, says Tristan Bishop Pan. “It’s happening here in the United States, too. Did you hear that the city of Miami made a Miami coin that is hopefully going to replace the city’s tax revenue? They’re going to pay Miami citizens in cryptocurrencies from the sales and things generated by the Miami coin. In the United States, cryptocurrency is not recognized as legal tender, and U.S. laws make it so that only the federal government can mint money. Even so, we have an American city that has a cryptocurrency that will have value because they choose to say that it has value. Incredible!” 

The U.S. Treasury does not see it as having value yet, Tristan Bishop Pan concedes. “I believe they will, but they haven’t done it yet. So, this is the problem: cities have started to adopt this as currency and generate income, real-life fiat currency income that they will then pay back to its citizens, generating massive amounts of interest and value for its citizens.”

“Now, lots of detractors think it’s a horrible idea because crypto is so easily manipulatable, which is true,” thinks Tristan Bishop Pan. “Then again, El Salvador’s economic system is tanking and burning faster than the polar ice caps are melting, and it is a way for the country to help stabilize it. However, the Chinese Yuan is strong, and China’s GDP is at an all-time high, and even China sees the value in adopting cryptocurrency. You have two countries on opposite ends of the financial spectrum, and both decide that whether the economy is good or bad, cryptocurrency is the better way to go.” 

As cryptocurrency continues to be adopted around the globe, Tristan Bishop Pan says there are problems that need to be fixed. “Yes, it is transparent, which allows people to regain trust in the system. That said, there will need to be more oversight in the crypto system before it can function on the level it has the potential of doing. It’s on its way, though. You can’t stop it, and you shouldn’t want to stop it.”

Editorial Staff