BREAKDOWN: What an Increasingly Booming Economy Means for Bitcoin

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4.7 • 698 Ratings

🗓️ 29 April 2021

⏱️ 20 minutes

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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? - Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io. - NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains. - Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) - Image credit: Olivier Le Moal/iStock/Getty Images Plus See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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