BREAKDOWN: Dalio Says Governments Will Kill Bitcoin. Is He Right?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 14 November 2020
⏱️ 12 minutes
🧾️ Download transcript
Summary
In an otherwise extremely bullish week, famed investor Ray Dalio reiterated his skepticism of bitcoin and digital assets.
This episode is sponsored by Crypto.com and Nexo.io.
Ray Dalio FUD:
On this edition of the weekly recap, NLW looks at bitcoin’s surge past $16,000. Additionally, he explores some recent FUD from Ray Dalio, which NLW argues seems strangely locked in years-old narratives.
This week on The Breakdown:
- Monday | The Biggest Macro Event Since March
- Tuesday | Legendary Investor Stan Druckenmiller Turns Bitcoin Bull
- Wednesday | Discovering Bitcoin Through the #EndSARS Movement, Feat. Yele Bademosi & Akin Sawyerr
- Thursday | Meet the $10B Asset Manager With a 10,000 BTC Treasury, feat. NYDIG’s Robby Gutmann
- Friday | PayPal Rolls Out Crypto for All US Customers
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.2 | The breakdown is sponsored by crypto.com and nexo.io and produced produced and distributed by CoinDest. |
| 0:22.6 | What's going on, guys? It is Saturday, November 14th, and that means it's time for the |
| 0:28.2 | weekly recap. And oh man, what a week it has been. Let's not bury the lead. Bitcoin is over |
| 0:36.6 | $16,000, at least at the time of this recording. |
| 0:41.0 | On Thursday evening, Dan Held tweeted, Bitcoin surges past 16,300. Bitcoin has only been above this price |
| 0:49.2 | for 12 days in its entire history. The thing about this rally, too, is that it's not based on a whole |
| 0:56.5 | bunch of FOMO news stories like December 2017 was. There isn't some massive retail base |
| 1:03.1 | surging in. That said, there has been some institutional pressure and opportunity. As we discussed |
| 1:10.1 | earlier this week, Stanley Drucken Miller |
| 1:12.5 | came on CNBC again and followed up his September comments about inflation. Now, in that previous |
| 1:19.9 | appearance, this world-famous, incredibly respected billionaire hedge funder talked about how he really |
| 1:27.3 | saw a possibility of serious |
| 1:29.6 | inflation on the horizon, based on the absolute raging mania that was his phrase of current |
| 1:35.8 | monetary policy. He suggested that inflation could be as high as five or ten percent. |
| 1:42.0 | The interesting thing was this time he talked about inflation again, but he also |
| 1:47.0 | talked about what he was using to hedge against it. And interestingly, it wasn't just gold. |
| 1:53.0 | He talked about how he came around on Bitcoin and how in some ways Bitcoin might even perform |
| 1:58.4 | better than gold. He pointed to millennials who view |
| 2:02.1 | Bitcoin as a store of wealth and to West Coast tech money. And obviously both of those |
| 2:07.0 | sets of money are significant. The main commentary around this from folks like Raupal and many |
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