“Since I first heard about this esoteric thing called Bitcoin in 2012, the most wonderful aspect for me has been the wide world it has opened up to me, giving me the opportunity to connect with people, ideas and places that I would not have crossed paths with. my way in another way ». With these words begins an essay written in November 2019 by Sunayna Tuteja, named yesterday as Chief Innovation Officer of the US Federal Reserve.
As established in the Richmond Federal Reserve website on February 22, Tuteja will have the responsibility of “leading the efforts to identify, investigate, enable and promote new technologies, while fostering a culture of innovation, collaboration and experimentation«. All of this could resonate to the B word.
The also new vice president of the Fed’s national information technology team has worked since 2008 in various positions at the financial instruments broker TD Ameritrade, dedicating herself to digital innovation and focused for the last two years on digital assets, as can be read in your LinkedIn profile. It was she who promoted TD Ameritrade’s optimistic turn towards cryptocurrencies, leading its investment in the Commodity and Futures Trading Commission (CFTC) regulated exchange ErisX, reported in 2019 by CryptoNews.
As established by the Federal Reserve’s Chief Information Officer, Ghada Ijam, in his new role, Tuteja “will collaborate with business and technology leaders to formulate an agenda that advances technological research and leverages the innovation work already underway at the Fed.” , probably referring to the Central Bank’s cryptocurrency investigations currently underway.
A bitcoiner at the Federal Reserve
The US Federal Reserve has so far not shown an overly favorable position to Bitcoin. Just a few days ago, the chairman of the Boston Federal Reserve, Eric Rosengren, admitted his surprise at the “blossoming of Bitcoin” during an interview with the New York Times. Still, he still foresees counting days for Bitcoin: “I suspect that at the end of the road a number of central banks will have digital currencies. When there is a digital currency available, beyond an underground economy, it is not clear what people would use Bitcoin for, “he said.
In contrast to the opinion of his more conservative colleagues, Tuteja has been a self-confessed Bitcoiner for years. This is revealed by his tweets, sharing the Bitcoin white paper and admiring the resilience of the bitcoiner movement. Also his essay Cheers to Bitcoin, where he recommends this industry as an inspiring source of multidisciplinary learning.
From a pragmatic perspective, Sunayna has also argued her reasoning regarding the success in adopting Bitcoin, not only looking at it from its inherent monetary benefits, but by placing it in the broader current context.
The world is flooded with cash that has to go somewhere. (Companies) are looking for assets that provide a store of value, that provide hedge against inflation, and that provide diversification in the allocation of assets. Driven by Covid, we as consumers are now in the era of digitizing everything, consumers and investors are saying that digitization should be extended to our investments.
Sunayna joins the increasingly populated list of female bitcoiners in the US administration, joining Senator Cynthia Lummis, Banking Committee member, and Securities and Exchange Commission Commissioner Hester Pierce.
Going forward, Tuteja may face a clash of beliefs between his confidence in the monetary policy of limited Bitcoin supply, with that promoted by the Federal Reserve in response to the current crisis, which has increased the money supply at an unusual rate , as reported by CriptoNoticias. However, as his essay suggests, Tuteja already knows well the process of conversion from skepticism to conviction.
«When I observe people new to bitcoin, discovering their own path from skeptical to curious and perhaps even converts, I remember how much this journey is in equal proportions quixotic (it forces you to suspend your beliefs and judgments, and lean towards the mills), Socratic ( oh, the rabbit holes we’ve all fallen into as we debate and deliberate on the diversity of topics ranging from economic theories and computer science and everything in between) and pragmatic (getting to the bottom of identifying the statement of the problem and take the initiative to break down the barriers).