by Addressing Economic Inequality: Carlos Noe Saavedra Took His Economics Degree to London to Explore Cryptocurrency as a More Inclusionary Monetary System
A business card Carlos Noe Saavedra picked up at the Cal Poly Robert E. Kennedy Library in 2013 would eventually change the course of his career.
The card, promoting Bitcoin as the money of the future, signaled an excellent career opportunity with an emerging technology, he said — and a way to expand economies.
“During my entire career I have sought to create more financial inclusion from people of all backgrounds,” Saavedra said. “I believe crypto will be the best way forward to achieve that goal. As you’ve seen with the adoption of Bitcoin by El Salvador, no other existing financial system has the capability to lift up people from poverty and participate in the financial system like blockchain.”
Cryptocurrency, as represented by Bitcoin, is a digital currency that does not rely on any central authority, such as a government or bank. Blockchain is a database used to maintain a secure and decentralized record of transactions.
After earning his economics degree with a finance concentration from Cal Poly in 2014, he worked in the investment and real estate industry for several years before deciding to return to school. He pursued his masters in finance from the London Business School, where he established the Blockchain Society and was recently honored with a Student of the Year award.
Saavedra, a first-generation American, is currently living in London and pursuing the crypto startup he co-founded, Arc Street Labs.
We asked him about crypto and his career path.
You worked for seven years after graduating from Cal Poly. What made you go to London to pursue a master’s degree?
Covid really changed my ambitions and motivations to strive more for my career. I was no longer satisfied with a comfortable lifestyle but wanted to seek out more for myself and push my boundaries. I always wanted to pursue an entrepreneurial route, and going to a top business school was an avenue for me to achieve that objective. Living in California my entire life also led me to seek out more international exposure. London was the ideal place to meet that goal.
How did Cal Poly most prepare you for that?
Cal Poly was a great stepping stone in my educational and career journey. The academic rigor at Cal Poly provided me with the building blocks to successfully navigate an intense masters level curriculum. Cal Poly also taught me to break away from my usual customs and put me in an environment that was new to me. Being the first person in my family to go to college, I was unaware of the resources available to me, and it was often a difficult time. After that experience, moving to London during Covid seems like a much more achievable task.
You were involved in the Mixed Martial Arts Society there. What made you get involved with that – and what all did you do?
I have practiced MMA for a number of years, mostly in Krav Maga. I found it to be a very useful skill and a way to keep in shape. During my time at the Mixed Martial Arts Society, we held weekly training sessions and had fun outings to events.
What are your career plans going forward?
Going forward I will focus on continuing to build my startup, Arc Street Labs. We recently finished a seed fundraise and are lucky to be backed by some of the top leaders in the industry. My focus will be on continuing that business and working hard to make it the next crypto unicorn.
Your parents came here from Guatemala. What did they tell you about that decision?
That decision imbedded the American dream into my persona. I saw it as a duty to work hard and achieve a strong education to make their decision worthwhile. Their entire desire for me was to receive an education and make the most of the opportunities that they did not have. I was the first person in my family that graduated with a university degree. Thanks to Cal Poly that dream my parents had for me became true.
How did that shape what you wanted to pursue?
I studied economics during my time at Cal Poly due to my desire to understand economic inequalities that exist around the world. My desire was to become someone that understood the sources of capital and benefited from them instead of being controlled by them. I decided that the best way to give back to my family and my community was to empower myself to become a cornerstone of the family.