Submit an individual report with (at least) three paragraphs (one page). In your individual report, please include the following items:
Overall, what have you learned from this group activity? It can be theoretical or practical (or both) implications of this activity. For example, explain the takeaway points and describe how you would use what you have learned from this group activity in real similar scenarios. How can you put these points into practice?
If you were a policy-maker, manager, or leader (with power and financial resources) in the cryptocurrency section (e.g., the CEO of a digital platform that makes it easy to buy, sell, and store cryptocurrency), what change(s) would you pursue as your most important priority to improve and expand the use of cryptocurrency with a wide range of companies? In other words, what changes would you make to motivate more companies to use cryptocurrency in their financial transactions
Compose a tweet about this activity or write about what you have found very exciting (or informative) in this activity on Instagram. You also need to add three hashtags to the end of your tweet or Instagram post. Please share your tweet or Instagram post in this report. You can have a screenshot of your tweet or post in your report. If you do not have a social media account, write a hypothetical post/tweet with three hashtags
Group Activity Scenario (I was Consultant 2)
Scenario:
The company is a leader in supplying low-voltage cables, connectivity products, infrastructures, and accessories for construction companies. The managers have a number of options to handle financial transactions with their suppliers, distributors, and customers. For instance, currently, they accept:
Credit and debit cards
Paypal
Google Wallet
Amazon payments
Apple pay
Recently, their most profitable customers adopted Bitcoin (contributed to 32% of their annual revenue), and they largely desired to pay in Bitcoin. The managers of the company are not aware of Bitcoin’s characteristics, advantages, and disadvantages. Moreover, the other main competitors have not used Bitcoin in their financial transactions. The managers invited two consulting companies to first understand what Bitcoin is and then decide whether to adopt it or not!
Today, the two groups from two professional consulting services in Florida are invited to the company’s headquarters in Miami.
About the two groups:
– One of them thinks that the company should modify its regular financial policies and adopt Bitcoin not only to deal with the mentioned customer but also with other companies and customers. (consultant 1: For Bitcoin)
– The other one believes that Bitcoin is still in its infancy, other competitors have not used it, its transactions are still risky, and the public awareness about digital currency (e.g., Bitcoin) is very low. (consultant 2: Against Bitcoin)
Both consulting teams are trying to give enough evidence and facts to convince the managers to adopt/ reject Bitcoin. First, consultant 1 offers reasoning, facts, analysis, statistics, industry trends, and justification to convince the company to adopt and use Bitcoin. Second, consultant 2 presents some reasoning, facts, analysis, statistics, industry trends, and justification to convince the company to reject Bitcoin.