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TFTC: A Bitcoin Podcast

#668: The Debasement Trade Goes Mainstream with James Check

TFTC: A Bitcoin Podcast

Marty Bent

Technology

4.8764 Ratings

🗓️ 8 October 2025

⏱️ 80 minutes

🧾️ Download transcript

Summary

Marty sits down with James Check to discuss Bitcoin's structural market transformation, the debasement trade gaining mainstream recognition, treasury company dynamics, institutional adoption patterns, and why this cycle's compressed volatility and sophisticated bid-side support signal a fundamentally different monetization phase.

Transcript

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0:00.0

You've had a dynamic where money has become freer than free.

0:10.0

If you talk about a Fed just gone nuts, all the central banks going nuts.

0:16.0

So it's all acting like safe haven.

0:18.0

I believe that in a world where central bankers are tripping over themselves to devalue their currency,

0:24.4

Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor.

0:29.2

I mean, that's part of the bold case for Bitcoin.

0:31.8

If you're not paying attention, you probably should be.

0:36.4

James, the debasement trade is on.

0:40.0

New all-time holes are here.

0:42.1

It's all one trade, mate.

0:43.7

It's all one trade.

0:44.6

There's something wrong with the denominator.

0:47.1

It really is.

0:48.5

It really is.

0:49.4

And people don't realize it yet.

0:51.9

It's fascinating, right?

0:53.0

And like, I've said this before, I think even on this part, it's amazing to me that like bond traders, I love Luke Gromens, Limer is like they have to lull them to sleep and just like slowly an ethotize the bond market. They have to just like pretend that they're going to try and solve this problem. Don't worry, just hold these bonds. We're going to mandate these ones or no, it's

1:11.5

okay. We're going to try and get yields down, which means bond prices up and it's like, guys,

1:15.4

it's just, they're shit coins. They really are. And to the skeptics out there, the Bitcoin

1:22.1

skeptics, it is astonishing. I think Mitchell Hoddle, he had this tweet from earlier today. I'll pull it up because I thought it was a good one.

1:31.1

New all-time highs today and people were better or for worse. Still believe Bitcoin is a fad.

1:38.5

Not something to pay attention to, but I mean, we've talked about this many times. I think how far Bitcoin has come in only a little under 17 years is miraculous.

...

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