By Brianna Wallen
News Editor
Business administration major Jessy Ebengo, a junior, and business major Ernest Mulomba, a senior, in the School of Business.
In today’s ever-evolving world, many things such as dollar bills are set to become a thing of the past.
For this reason, the School of Business’s Professional Enrichment Platform (PEP), hosted a PEP Talk featuring the wave of digital currency, known as Bitcoin.
“We have this concept of money being something physical, but it hasn’t been so for years,” Stephen Wilmarth, founder of the BitCafe Project at the university, said. “Bitcoin is a purely digital asset.”
Wilmarth led the “The Relentless Rise of Bitcoin” PEP Talk on Wednesday, Feb. 12.
Students, staff and faculty were able to gain more insight on Bitcoin and the future of business in a digital age.
Wilmarth, who has visited countries and explored their economy, also said that money is on the path to becoming fully digital, similar to other countries.
“Money will become digital at some point,” Wilmarth said. “China does not even take cash anymore and Bitcoin is legal tender in El Salvador.”
Wilmarth also helped to explain Bitcoin and break the concept down to audience members.
He said that unlike the traditional bank, Bitcoin is decentralized.
“If you have Bitcoin, you are the bank. It is only between you and the person you are paying,” Wilmarth said.
As many people are skeptical about the fully digital form of currency, Wilmarth helped to debunk misconceptions about Bitcoin.
“People think Bitcoin is the perferred money of criminals of drug lords, but so is the U.S. dollar and Euros, and everything else,” Wilmarth said.
Wilmarth said that people believe that Bitcoin is used for sketchy reasons, due to its anonymity. However, that is not fully true. Infact, all forms of currency leave a “paper trail.”
“Bitcoin is not as anonymous as people claim, as every transaction is recorded on the blockchain,” Wilmarth said.
The blockchain is a public ledger, where transactions can be viewed, making it far more transparent than often assumed.
Business administration major Jessy Ebengo, a junior, said that Wilmarth’s clarification cleared up many misconceptions he had about Bitcoin.
“At first I was skeptical about it because I mostly heard bad stuff about it in the media,” Ebengo said. “But after hearing a PEP Talk about it in school makes it more credible.”
Wilmarth also provided full transparency for students and staff who expressed interest in investing in Bitcoin.
“The value of Bitcoin continues to go up with about a 100% increase overtime,” Wilmarth said. “Real estate does not do that; stock doesn’t do that.”
Business major Ernest Mulomba, a senior, said that investing in Bitcoin has crossed his mind more than once, however, after the PEP Talk, he feels better about doing so.
“I think it’s a risky thing that if I try to invest, I would just have to just put my foot in the water and go ahead,” Mulomba said.
Apart from the economic impact, Wilmarth said that Bitcoin is a significant milestone in technological advancement.
“Bitcoin is another step in the progress of technology and humans as we are able to exchange value, it’s a remarkable invention,” Wilmarth said.
The “The Relentless Rise of Bitcoin” PEP Talk is part one of a four-part series. On Wednesday, Feb. 19, from 1 p.m. to 2 p.m., the “Blockchain Beyond Bitcoin” will take place in Room 122, or “The Case Study Room,” in the School of Business.
More students and staff will have the opportunity to learn more from Wilmarth as he shares his insight on technological innovations, and their impact on various industries and society as a whole.
Photos | Brianna Wallen
Founder of BitCafe Project at the university, Stephen Wilmarth, presenting his “The Relentless Rise of Bitcoin,” PEP Talk on Feb. 12 in Room 122 of the School of Business.
