52 - The Crypto Milkshake Theory | Brent Johnson
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 15 February 2021
⏱️ 91 minutes
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52 - The Crypto Milkshake Theory
Guest: Brent Johnson
Brent Johnson, known for his “Dollar Milkshake Theory,” is a macro-focused wealth manager. We discuss crypto from his broad perspective, focusing on the Federal Reserve, the Dollar, and our take on his ideas – The Crypto Milkshake Theory.
We observed the Federal Reserve coming into the limelight in the past year, with increased attention on Jerome Powell and other central bankers as they become more like players than referees.
Brent lays out how our system (and all fiat currencies) are built for exponential growth. An exponentially growing market will be increasingly susceptible to larger and more frequent volatility. This calls for stronger central bank action, which accelerates these fundamental issues.
Interestingly, Brent believes in the strength of the Dollar (at least in the short-term), expecting it to be the last fiat currency to get knocked out. The COVID-19 Crash in March 2020 was an example of this deflationary volatility, and Brent views the system’s current narrative as ripe for another market crash and dollar bull run.
On the crypto side of things, Brent sees assets like BTC as a valid store of value, and the advantages of non-sovereign wealth stores merit serious consideration. His concerns about the space involve the difficulties of using crypto as money and the power of governments to curb blockchain use. However, blockchain technology is a “genie out of the bottle” and is here to stay.
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Brent on Twitter
https://twitter.com/SantiagoAuFund?s=2
Brent's Presentation on The Dollar Milkshake Theory
https://youtu.be/2qTOWuL7Zco
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Transcript
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| 0:00.0 | Welcome to Bankless, where we explore the frontier of internet money and internet finance. |
| 0:19.2 | This is how to get started, how to get better, and how to frontrun the opportunity. |
| 0:23.7 | I'm Ryan Sean Adams. |
| 0:24.7 | I'm here with David Hoffman and we're here to help you become more Bankless. |
| 0:29.5 | David, how are you doing today? |
| 0:31.5 | Absolutely fantastic feeling a little bit more educated about the state of the dollar |
| 0:36.7 | and what the world, what is crazy world of the 2020s is going to bring us. |
| 0:41.3 | We had Brett Johnson on who you guys might know as the guy that put together the dollar |
| 0:47.0 | milkshake theory, which has been going around, especially in crypto Twitter, especially |
| 0:51.5 | macro Twitter, macro circles about it's a mental model for understanding how the dollar |
| 0:56.5 | is going to behave moving forward in sort of this new paradigm that we all find ourselves |
| 1:01.2 | in. |
| 1:02.2 | Brent did a really good job kind of laying out what he thinks as the future of the relationship |
| 1:07.4 | between the Federal Reserve and the people, the Federal Reserve and the dollar, the dollar |
| 1:11.6 | and the rest of the global politics, pretty decently wide-raging conversation focusing |
| 1:17.2 | on the macro conversation. |
| 1:19.9 | It was a good sequel to the Lyn Alden conversation and so getting people that, you know, macro |
| 1:25.3 | is not my core competencies, so getting people like Brent onto the podcast to hear what |
| 1:29.4 | they have to say I think is really valuable. |
| 1:31.0 | Yeah, it's interesting. |
| 1:32.0 | He's dollar bullish despite money printer going burr and he explains why and I felt like |
| 1:38.2 | it was very much the same message as we've heard from Lyn Alden and Radalya and others, |
... |
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