Central Bankers Triumphantly Declare Fiat to Have Beaten Crypto

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 26 February 2023

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on “Long Reads Sunday”: Travis Kling on why we haven’t won yet Cosmo Crixter – An Open Letter to Agustin Carstens Brendan Malone – The real problems of central banking Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Handout/ Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

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.
0:15.3	The breakdown is produced and distributed by CoinDes.
0:20.6	What's going on, guys?
0:21.8	It is Sunday, and that means it's time for Long Read Sunday.
0:25.4	Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it,
0:28.9	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:32.6	come join us on the Breakers Discord.
0:34.5	You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:38.4	All right, guys, well, today we have a fun little LRS for you. This week we are pulling
0:43.8	entirely from Twitter, and we are discussing some big themes, Bitcoin versus central banks and
0:51.5	so much more. And indeed, that's where we're going to start with something
0:55.4	that I ended a show on earlier this week. For a little bit of context, the Bank for International
1:00.3	Settlements is sort of like the Central Banker's Central Bank. It might not surprise you then that
1:05.9	they've never been all that keen on crypto. Well, you can tell just how much the narrative cycle has shifted
1:13.0	in their minds, in that now they're not even just crapping on crypto, but dismissing it as
1:18.7	irrelevant. BIS chief Augustin Carstens was on Bloomberg this week, and when asked about
1:24.3	whether crypto was a real alternative to fiat, he said, that battle has been
1:28.3	won. A technology doesn't make for trusted money. Only the legal, historical infrastructure
1:33.1	behind central banks can give great credibility to money. Now, with the caveat that just trying to
1:39.6	be a competitor to money is not all that crypto assets are trying to do. Still not everyone in
1:45.8	crypto totally disagreed with Carston's point. Crypto hedge fund manager Travis Kling
	...

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