Many documentaries are made by the people who star in them; Beyonce comes to mind. They are telling their narrative that they want the world to see. I have recently talked to a few people who have been documenting their journey of something they are working on. We have an ongoing joke at Gotham when we say, “That will go in the doc,” and laugh.
Regardless, I am an avid documentary watcher. We watched the Coinbase documentary last week. In full transparency, Fred, my husband, sits on the board of Coinbase and is in the film. I also have the pleasure of knowing the stars of the movie, Brian Armstrong and Fred Ehrsam, two insanely brilliant humans.
What I loved about the documentary is not their journey but watching how and why democracy works despite how goddamn messy it is. Just go back and read the push and pull of the banking industry and other large industrial institutions before becoming what they are today. Several times during the movie, historical notes of other industrial progress eventually ended up in court so they could evolve when wealthy titans of industry and lobbyists held them back. Sound familiar?
Banks are not interested in losing their power and keep in mind the Government was not too keen on the Internet either. Government officials wanted control; they did not want an open platform.
Cryptocurrencies are here to stay, and there needs to be a safe place to store those assets. Like any game-changing technology, it scares people because people do not want change, particularly those in power. Coinbase operates a cryptocurrency exchange platform, and the people own their currencies, not the banks. It keeps your assets in your hands. It allows for a global money supply without heavy-handed banks. It benefits countries like Venezuela, whose financial currencies fluctuate like the weather.
As more banks fail, like First Republic did this week, anyone with cash in there must feel fearful and unsettled. Will Chase be the savior for all banks? A one-bank country does not seem like a good idea. Something needs to change.
If you are confused, watch the documentary. It is not that long, and sure, they own the narrative, but the narrative is worth understanding because whether you like it or not, this is our future.