Introducing "The Money Book Circle"

A quarterly series on the hottest new books on finance and technology

On the go? No problem. We have you covered with the audio version:

Today I am launching a new series as part of The New Frontier. Every quarter I will make three suggestions on what you should read to keep up to date with the big ideas on the future of money. Mostly I will select books that are recently published or about to be published. Sometimes, however, I will also review titles that are a little older but that are particularly relevant to current developments. After all, the major advantage of a book over daily coverage is that it makes an argument that should (and hopefully will) be relevant years after its publication. It should foster deep understanding of a subject or change your way of thinking, rather than just monitoring a market.

One last note on the selection of the titles: You will notice that I will review most of the books in a positive light. The reason for this is simple: Unless a book catches me on the first 50 pages, I will discontinue reading it. There are simply too many good books out there to waste your time on the bad ones.

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Before we get into the three reading suggestions for Q1, a short reminder for those looking for an extensive reading list on the future of money. Make sure to check out my list of the top 50 books, all neatly categorized so that you can easily find what is most relevant to you:

Book #1: “Future Money: Fintech, AI and Web3” by Ronit Ghose

Ronit Ghose looks deep into how money and finance are changing in our tech-driven world as crypto, DeFi, AI, and the metaverse continue to take hold. He does so by telling the stories of ambitious entrepreneurs and their companies that seek to play a role in this new brave world of financial services.

One aspect of the book that stands out, is that Ghose examines fintech innovations around the world. It is a truly global account on how people are working on tomorrow’s financial system. Most work on fintech – and my own books are no exception – focuses mainly on the developments in the US, UK, and Europe, with the occasional glimpse at China. “Future of Money”, on the other hand, also takes you to places like Lagos or Karachi. Ghose is himself partly based in Dubai and truly global in his fintech activities; his extensive ties to founders and experts outside of the Western world produce many captivating examples you probably haven’t come across yet.

Ghose heads Citi’s Future of Finance think tank and is thus highly knowledgeable on all major innovations of the advanced fintech world. And he is versed in making these rather complex phenomena accessible. Through easy-to-follow explanations, Ghose breaks down ideas like blockchain technology and digital wallets, making it easier for us to grasp how these things are reshaping how we use money. He shows us how these changes can bring both challenges and exciting new opportunities.

In "Future Money," Ghose not only warns us about the tricky parts of this new digital era but also points out how it can make finance more inclusive and spark fresh ideas and growth. He encourages us to see how technology can change the way we handle money and urges us to embrace these changes.

Book #2: “Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall” by Zeke Faux

This is probably one of the most entertaining and engaging books I have read on the crypto-space in a long time. Buckle up as Bloomberg investigative reporter Zeke Faux takes you on a dark journey spanning SBF’s penthouse right before the arrest of the fallen crypto king, to crypto-enabled human traffickers in Cambodia, and Snoop Dogg’s “ApeFest” party that is exclusively reserved for crypto-aristocracy.

In "Number Go Up" he skillfully exposes and dissects the world of crypto fraudsters, offering a detailed and eye-opening account of their tactics and motivations. Faux's meticulous research and storytelling shine a light on the deceptive practices used by these individuals, unmasking their schemes and revealing the true extent of their impact on the cryptocurrency market. Through vivid descriptions and in-depth analysis, Faux paints a picture of the personalities and practices behind the scams, showcasing their manipulation techniques and the consequences of their actions. By delving into the psyche of these fraudsters, Faux provides readers with valuable insights into how they operate and the red flags to watch out for in the crypto world.

Faux's ability to unravel the complexities of crypto fraud and present them in a clear and engaging manner sets "Number Go Up" apart as a compelling expose of the sinister side of the cryptocurrency industry. His narrative not only educates readers about the risks involved in investing in this space but also empowers them to make informed decisions and avoid falling victim to fraudulent schemes.

Overall, Faux's adept portrayal and unmasking of crypto fraudsters in "Number Go Up" serve as a cautionary tale for readers, highlighting the importance of due diligence and vigilance in navigating the ever-evolving landscape of cryptocurrencies. Whether you're a seasoned investor or new to the world of crypto, this book offers valuable insights that will help you navigate the pitfalls of this exciting but risky market.

It is interesting to note is that at roughly the same time another highly anticipated book about the fall of FTX was published, namely “Going Infinite” by star-author Michael Lewis. While Lewis’ book at times reads like a fan-letter to SBF (defrauded investors should better not read it), Faux’s portrayal stands in stark contrast to it.

Faux’s book underscores an argument I have been making for a long time: The more serious players like banks and public companies take over the crypto-space and the clearer the regulation gets, the better for the world. Investors will be safer, criminals will be drained of liquidity, and other side effects like human trafficking or carbon emissions will be remedied. But not only that. Those crypto-maximalists that reject central authorities altogether are the largest obstacle to blockchain and digital assets reaching their real potential. With the radical philosophy of abandoning governments and banks they are bringing one of the most transformative technologies of our time into disreputation and slowing down technological progress.

Book #3: “Web3: Charting the Internet's Next Economic and Cultural Frontier” by Alex Tapscott

"Web3” by Alex Tapscott offers pretty much what the title promises: a captivating glimpse into the decentralized web's transformative potential on our society and economy. Tapscott's intricate analysis and engaging prose provide readers with a roadmap to navigate the complexities of blockchain technology and its profound implications.

Tapscott's adept storytelling combines real-world examples with insightful commentary, challenging readers to envision a future where industries, governance, and individual empowerment are fundamentally redefined by the decentralized web. Through a deep dive into the social, economic, and cultural ramifications of Web3, Tapscott prompts discussions on digital ownership, data privacy, and economic equality.

In "Web3," Tapscott crafts a compelling expose of a decentralized, transparent, and democratic internet landscape poised to revolutionize online interactions and value creation. With a blend of technical acumen and narrative flair, Tapscott inspires readers to embrace the potential of blockchain technology and Web3 in shaping a more inclusive and cutting-edge digital future.

Tapscott's exploration extends to the realm of decentralized ownership, shedding light on how Web3 is poised to revolutionize digital asset ownership and distribution. By delving into the democratizing potential of decentralized ownership models, Tapscott illuminates how blockchain technology enables individuals to have greater control over their data, content, and financial assets. This visionary perspective challenges traditional notions of ownership and empowers readers to reimagine a future where individuals have unprecedented sovereignty over their digital identities and assets, ushering in a new era of digital empowerment and autonomy.

This book stands as a thought-provoking catalyst for reimagining our digital society and technology landscape, urging us to seize the opportunities afforded by the decentralized web as we chart a course through the evolving digital terrain.

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