BREAKDOWN: What Happens When Currencies Fail? Feat. Preston Pysh
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 13 March 2020
⏱️ 67 minutes
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Summary
Massive and novel government intervention in markets is now a foregone conclusion, but what happens to bitcoin as the dust settles?
Description
Yesterday, the Federal Reserve announced more than a trillion dollars in liquidity injections into the market. In the coming weeks, many observers expect trillions of more in stimulus in a variety of exotic new intervention tactics.
While this will (hopefully) stem the still emerging economic fallout from the pandemic, it creates its own new set of problems. In this episode of The Breakdown, @NLW is joined by “We Study Billionaires” host Preston Pysh to discuss:
- How bond markets will react to the wave of stimulus
- The challenge of global coordination for a new Bretton Woods
- Why in the wake of stimulus some governments might turn to bitcoin
- The three factors that lead to currency failure
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Transcript
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| 0:00.0 | You have other countries that have put up with dollar dominance for the last 80 years. |
| 0:05.1 | And that has not been advantageous for them. |
| 0:08.5 | So imagine if you have one of these nations step in and buy $40 billion worth of Bitcoin, right? |
| 0:16.9 | That can happen. |
| 0:18.7 | And in fact, I kind of expect it to happen. |
| 0:22.2 | And if it does, you're going to see the price, you know, it's going to be kind of insane. |
| 0:33.3 | Welcome back to the breakdown. |
| 0:35.1 | An everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW. |
| 0:43.3 | The Breakdown is distributed by CoinDesk. |
| 0:48.8 | Welcome back to The Breakdown. It is Friday, March 13th. Friday the 13th, but how could it be crazier than yesterday, |
| 0:56.4 | right? We are at the end of a week that will be written about for a very long time to come. |
| 1:02.8 | Yesterday, in the wake of Trump's speech on TV and the NBA and the NHL shutting down and |
| 1:10.3 | huge numbers of cancellations across domains and the NBA and the NHL shutting down and huge numbers of cancellations across domains, |
| 1:13.3 | and the country finally taking the threat of coronavirus seriously, |
| 1:17.3 | the market had its biggest sell-off since 1987's Black Monday. |
| 1:22.3 | Bitcoin, for its part, had one of the absolute wildest days I've ever seen, |
| 1:27.2 | going from nearly 8,000 before Trump's |
| 1:30.0 | speech to at a low last night of 3,800. In fact, while we were recording this podcast, the price |
| 1:36.8 | of Bitcoin veered between 3,800 and 5100 and back and forth a bunch of times. So there's no doubt |
| 1:44.0 | that it is just absolutely wild times out |
| 1:47.0 | there. Now, my goal with the breakdown is to help you look at that from different angles and think |
| 1:54.5 | through implications, think through what it might mean, and hopefully help you figure out how you feel about these markets. |
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