BREAKDOWN: What an Increasingly Booming Economy Means for Bitcoin
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 April 2021
⏱️ 20 minutes
🧾️ Download transcript
Summary
What macro role does bitcoin play as GDP and consumer confidence grow?
This episode is sponsored by Nexo.io and NEAR.org.
For the past year, bitcoin’s narrative has been deeply tied to the larger macro narrative of looming inflation. As the economy starts to boom, many continue to point to the spectre of inflation as a bullish force for bitcoin.
In today’s episode, NLW explores growing confidence in the markets and what it means for bitcoin. In particular, he looks at what it would mean if consumer inflation didn’t show up. Would bitcoin be cast aside, or are there properties and uses that make it relevant even outside its role as a monetary hedge?
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Transcript
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| 0:00.0 | This gets into the really key question. Does Bitcoin only matter when things are bad or looking |
| 0:06.4 | like they're going to get worse? Does Bitcoin only matter when inflation is on the menu? With so |
| 0:11.9 | much of the Bitcoin narrative tied up in the inflation hedge business over the last year, |
| 0:16.8 | it's worth asking. Welcome back to the Breakdown with me, NLW. |
| 0:23.8 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:29.9 | The breakdown is sponsored by nexo.io and neared.org and produced and distributed by CoinDesk. |
| 0:37.2 | What's going on, guys? It is Thursday, April 29th, and today we are asking the question |
| 0:43.1 | of what an increasingly booming economy means for Bitcoin. So the setup for this is that, |
| 0:49.9 | obviously for Bitcoiners, Bitcoin has always been a macro asset in the sense that it is fundamentally |
| 0:56.1 | about reorganizing the global economy in some way. When it comes to the rest of the world, |
| 1:02.6 | however, it's really only been in the last year that that idea of Bitcoin as a meaningful |
| 1:07.5 | player on the macro stage has come to the fore. |
| 1:11.6 | The connection was made first and most profoundly by Paul Tudor Jones with his great |
| 1:16.5 | monetary inflation thesis. |
| 1:18.7 | And since then, Bitcoin has been tied up in its digital gold narrative as an inflation hedge, |
| 1:24.9 | right? |
| 1:25.5 | There's no way to deny looking at micro-strategy getting in and Michael |
| 1:29.7 | Saylor talking about the melting ice cube of cash as a Treasury Reserve asset, and Stanley Drucken-Miller |
| 1:35.8 | talking about seeing 5 to 10% inflation over the next few years. There's no way to deny that |
| 1:41.3 | Bitcoin's narrative has been tied up in the fear of looming inflation. |
| 1:46.8 | The question then becomes, what if that starts to withdraw? |
| 1:51.5 | What if the macro narrative shifts? Where does that leave Bitcoin? |
... |
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