Read the lesson in English  
then translate to your own language to verify your understanding.

Cryptocurrency Worries | English Lesson

Feb 28, 2022

Our topic today concerns cryptocurrency.
Here are our keywords and expressions. You will hear me use them later in context. Listen closely:

Buzz: This is slang. It means intense enthusiasm, interest, and excitement.
Wave of the future: A trend that will eventually become the norm, the standard.
Ponzi scheme: A Ponzi scheme is a fraudulent, dishonest investment opportunity that pays high financial returns at first by paying early investors with money invested by later investors.
Fiat money: a currency that is backed by the government that issued it.

It is impossible to miss the buzz around cryptocurrency these days. The news is everywhere, and the rush to invest has been impressive. Investors around the world think that crypto-currency, often just called “crypto” for short, is the “wave of the future”, and will soon replace, or at least complement, the traditional fiat currencies now in use by countries around the world.
Of course, not everyone agrees with this optimistic outlook, and some experts are in fact very critical. For example, two weeks ago, the Deputy Governor of India’s central bank, T Rabi Shankar, said in a speech that cryptocurrencies are not suitable to be defined as a currency, asset or commodity because they have no underlying cash flows and they have no intrinsic value. He went on to say that cryptocurrencies are similar to Ponzi schemes, and may even be worse,".
The influential policymaker went added that perhaps 'banning' cryptocurrencies was the most sensible option for India, which by the way, has seen the second-highest adoption rate for cryptocurrency investments in the world. According to the crypto-analysis firm “Chainalysis, crypto investments in India have exploded, growing 641% from July 2020 through June 2021.
We’ll have to wait to see what the future is for cryptocurrency. On one hand, there is an incredible amount of enthusiasm, but on the other hand, there are serious voices calling out for investors to be cautious. What do you think? Is cryptocurrency an empty promise with as many fundamentals as a Ponzi scheme? Or is it really the wave of the future? Time will tell.

Alright, are you now familiar with the meanings of the following words and expressions?
Buzz / Wave of the future / Ponzi scheme / Fiat currency

What do you think of this lesson?
Do you have any questions or concerns?
Let us know.


Submit a Comment

Your email address will not be published.

Latest Podcasts

India’s Tech Sector and the Carbon Footprint

India’s Tech Sector and the Carbon Footprint

This is lesson number 44, and today’s topic is the carbon footprint and India’s tech sector. So, check out this headline, which was published on the webpage of the Financial Times on June 12, 2022, and see how much you understand: The...



Check out this headline, which was published by the United Nations on their UN News page on June 06, 2022. Let’s break this headline down to see what it means, and see which vocabulary can be useful for you to use. The first word is...

Bear Market Rally

Bear Market Rally   Check out this headline, which was published by Reuter’s yesterday. So what does that mean? Well, first let’s see what a bear market is. A “bear market” describes a situation where the overall stock market drops in value by 20% or...

Reverse Repos

Reverse Repos   Hello everyone. Welcome to the English for Economists. These are short English lessons that are meant especially for people working in economics and finance. This is podcast lesson number 41, and today is May 25, 2022. In...

Digital Payments

Digital Payments   Our English lesson today is about digital payments. This is a fascinating topic, and there is no doubt that over the next few years, economists like you will see a lot of experimentation with different kinds of digital payment...

Solar Geoengineering

Solar Geoengineering Our English lesson today has to do with climate change and science. Our topic is ‘Solar Geoengineering’, which is one of the solutions that some climate scientists are recommending as a partial solution to the problem of global...

Share This