BREAKDOWN: Bitcoin Is More Than an Inflation Hedge
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 12 June 2020
⏱️ 27 minutes
🧾️ Download transcript
Summary
While fears of a “great monetary inflation” have driven the recent bitcoin narrative, other aspects like censorship resistance and peaceful protest matter just as much.
This episode is sponsored by Bitstamp and Ciphertrace.
Today on the Brief:
- Why bitcoin sold off
- A bank-the-unbanked narrative for the digital dollar
- It’s Dave Portnoy’s world and we’re all just living in it
Today’s main topic: Why inflation isn’t the only bitcoin narrative that matters.
When bitcoin’s halving coincided with the most aggressive central bank policy of all time, it set a clear narrative framework for bitcoin as an inflationary hedge. This was captured by people like legendary hedge fund investor Paul Tudor Jones, who warned of a “great monetary inflation.”
In this episode, NLW argues 1) that inflation could be a dangerous narrative to focus on too closely due to a number of countervailing deflationary forces, and 2) there are a variety of other narratives that are just as important to bitcoin, including:
- Censorship resistance
- Seizure-resistant asset
- Currency controls and reshoring
- Nations looking to escape USD system
- Independent banking
- Peaceful protest
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Transcript
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| 0:43.9 | Wondery, UK. That's audible.com slash Wondery UK. |
| 0:53.8 | Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond. |
| 1:03.2 | This episode is sponsored by BitStamp and Cipher Trace. |
| 1:07.5 | The breakdown is produced and distributed by Coin Desk. |
| 1:12.6 | And now, here's your host, NLW. |
| 1:17.7 | Welcome back to the breakdown. |
| 1:19.7 | It is Friday, June 12th, and today we are going to be talking about why inflation isn't the only Bitcoin narrative that matters, but first, let's do the brief. |
| 1:30.8 | First up on the brief, why Bitcoin sold off. So what happened? This one is not going to come |
| 1:36.1 | as a surprise. Obviously, you were all in your blockfolios, I'm sure all of yesterday. Bitcoin dropped |
| 1:40.3 | something like 6%, from 9,800, 9,900 down to 9,100, 9,200 at the low. |
| 1:46.5 | And there are a few different reasons that people are saying that that might be. |
| 1:50.4 | The first is correlation with an equity sell-off. |
| 1:53.0 | We saw stark markets kind of have a pretty meaningful correction after running like an |
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