How Web3 is shaping the next evolution of the internet
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The crypto market continues its meteoric rise following the 2024 election, with bitcoin (BTC-USD) crossing over an unprecedented $92,000 as of Nov. 18th and showing no signs of slowing down.
In this episode of Stocks In Translation, Yahoo Finance markets and data editor Jared Blikre and producer Sydnee Fried welcome Eddie Johnson, author and CEO of Grow My Bag TV, to discuss the latest developments in the crypto and Web3 space.
The conversation delves into Web3 — the next generation of the internet — centered on decentralization, user ownership, and blockchain technology. “To the average person, it’s the next level of the internet,” says Johnson. “Web3 introduces a way for you to actually immerse yourself in different worlds and experience different things.”
Johnson distinguishes between Web2 and Web3, describing the latter as an evolution rather than a replacement: “Web3 is an enhancement to Web2; it’s kind of like an overlay, whereas Web2 was a complete replacement of Web1.”
Looking ahead, Johnson predicts that crypto will become a widely accepted payment currency within the next five years. “The amount of time that it took to accept credit cards was decades. The amount of time to accept crypto is turning into a decade,” he notes.
When asked about the leadership at the Security and Exchange Commission (SEC) to regulate cryptocurrency, Johnson advocates for SEC Commissioner Hester Pierce to be promoted to SEC chair.
“There was one person who I just did an article about who decided to take herself out of the running, and that’s the exact reason why you should make her take the job. And it’s Hester Pierce,” he explains. “If I was looking at replacing somebody, I think she has the most pragmatic approach to regulating crypto. And so I would absolutely convince her to take that job.”
Twice a week, Stocks In Translation cuts through the market mayhem, noisy numbers and hyperbole to give you the information you need to make the right trade for your portfolio. You can find more episodes here, or watch on your favorite streaming service.
This post was written by John Tejada.
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