Whoa, this is crazy the US government is creating their cryptocurrency called the digital dollar, and the unofficial name for this is fed coin because you know what they say if you can't beat them join them so this is a collaborative project between the MIT the Massachusetts Institute of technology and our own US government. So this is still a very top-secret project that we're gonna know more about in Q3 or as soon as possible. Bitcoin has seen incredible success this year where it's reached over a trillion dollars in market cap size and even though it didn't stay there for very long it's pretty incredible when you consider the fact that it started as completely worthless code on someone else's computer and now it's a trillion-dollar asset. It's something that many people across the world own it's something that over 50 millionaire millennials invest in and it's one of the most searched topics on the internet. Let's talk about this fed coin because it's got some really interesting and magical properties to it and one of those properties is the security that our money has for example every hundred dollar bill has that blue security strip but the thing about money is that no matter how secure you try to design it there's always going to be a flaw in how it was designed which is why you can see right through it. Why does the government want to create its cryptocurrency? To understand the answer we have to remember that society decided to outsource this concept of money to the central banks. The leaders and the governments of the world where we told them that they could have control over money and in exchange we would get convenience and a little bit of safety now. Fedcoin is also called federal coin or government coin which is sometimes referred to as CBDC stands for Central Bank Digital Currency. The government has plans to plant a small RFID chip inside of us it's unobtrusive but that's how we'll pay for things in the future united under a single world reserve currency. The hope is that fed coin could become instantaneous without the need for middlemen like banks and payment processors. If the government removes the middleman then banks get to make a lot less money but the truth is banks are not going away they're still going to play a major role in this new economy. So then the question becomes why does the government need to do this why do they want to create their cryptocurrency they already have their currency? I mean sure this new one could be faster and cheaper to use and doesn't need any middlemen but what's in it for the government the answer is not clear. Because people within the government are divided because there are pros and cons to the fed coin.