In the lore of digital disruption, Eastman Kodak Co.’s downfall is particularly momentous.
Kodak was once one of the world’s most powerful companies. But it failed to act on digital cameras and online photo sharing, despite seeing the trends years before. (Kodak engineer Steve Sasson created the first digital camera in 1975.)
It’s an apt story to remember now as the digital money revolution rolls ahead at a time of momentous political transition. An incoming U.S. presidential administration faces an analogous situation: knowledge of what is happening but, currently, a lack of will to act.
Does China’s digital currency pose a threat to U.S. global economic leadership and the dollar’s dominance? Are U.S. leaders acting as Kodak’s were thought to have, with their heads rammed into the sand?
CoinDesk columnist JP Koning’s answer to that would be, “No. Relax.”
Last week, Koning wrote that because central banks enjoy a