When Richard Lyons studied business and microeconomics in the 1980s, cryptocurrency and blockchain didn't exist. Credit cards with magnetic strips had been invented a couple of decades earlier in 1960, and with that innovation came a series of regulations and a steady change in consumer behavior. Now we take Apple Pay for granted, but all of these new payment technologies still involved making transactions in fiat currencies.
Cryptocurrency is changing that, and regulators are taking notice. Some cryptocurrencies are pegged to the U.S. dollar — so-called stablecoins — as insulation against market volatility (it doesn't also go as planned, though). And central banks around the world are also considering developing their own digital currencies.
Before becoming UC Berkeley's first Chief Innovation and Entrepreneurship Officer in 2020, Lyons was the dean of Berkeley Haas and researched cryptocurrency and stablecoins. He now oversees the university's innovation ecosystem.
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