Lyn Alden: How to Survive The Gradual Print Era — Fed Chair Warsh, Gold & Bitcoin

Bankless

Tech News, Technology, News

4.7 • 1.2K Ratings

🗓️ 16 February 2026

⏱️ 99 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Lyn Alden joins us to make sense of the “everything, everywhere, all at once” macro moment. A fourth-turning-style unwind of the long-term debt cycle, rising fiscal dominance, and a rare, headline-level clash over Fed independence—plus what a Kevin Warsh Fed might actually do under real-world constraints. We dig into the “gradual print” era, why gold is ripping, how a more multipolar monetary order could emerge (gold, bitcoin, and stablecoins in different roles), and what trade war dynamics mean for the dollar’s privilege. Lyn also explains why Bitcoin has lagged gold this cycle, how much the four-year crypto cycle still matters, the risks around treasury companies and quantum narratives, and how she’s thinking about portfolio construction in 2026. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watchch ------ TIMESTAMPS 0:00 What’s Happening? 6:23 The Fourth Turning 13:59 Fed Independence 30:40 New Fed Chair Kevin Warsh 37:46 The Gradual Print 42:16 Gold 53:56 China vs US 1:07:14 Bitcoin vs Gold 1:12:37 Crypto 4-Year Cycles 1:23:26 Proof-of-Work vs Proof-of-Stake 1:28:12 Frontier Tech 1:35:11 Lyn Alden’s 2026 Portfolio 1:39:24 Cash Strategy 1:41:30 Closing & Disclaimers ------ RESOURCES Lyn Alden https://x.com/LynAldenContact Lyn Alden Newsletter https://www.lynalden.com/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Transcript

Click on a timestamp to play from that location

0:00.0	I've been terming this the gradual print, which is to say that we are away from, you know,
0:05.3	Fed balance sheet reduction.
0:07.0	We've shifted toward gradual Fed balance sheet increases.
0:11.0	I tend to take the under on those that are calling for like major printing this year or next.
0:17.2	There are scenarios where it could happen, but those aren't in my base case.
0:20.7	And with this new nominee, I have to look at the other side of the scenario, which is, you know, what are scenarios that could reduce the balance sheet because we have a potentially new leadership in place.
0:35.1	Lynn Alden is so great to have you back on banklist during these chaotic times.
0:39.5	I actually want to start with a tweet that my co-host, David Hoffman said, really spoke to his heart.
0:44.1	We talked about this last week. Okay, here it is.
0:46.8	It's a tweet from somebody online will include it.
0:50.6	Who's this from, David?
0:51.8	I just saw it on Twitter.
0:53.4	Hungry Ponds X. Hungry Ponds X.
0:54.8	Hungry Ponds X.
0:56.0	It reflects the sentiment we're all feeling.
0:58.6	I honestly have no idea if we're close to a crash, a melt-up, World War III, an industrial
1:04.8	revolution, a mother-of-all-short squeezes, a depression, a recession, or aliens.
1:09.9	But it sure feels like all of them all at
1:11.7	once.
1:12.8	Lynn Alden, what is happening in the world?
1:15.9	And maybe that's a little too broad of a question.
1:18.6	What in all of this noise and chaos should investors be paying the most attention to right now?
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Bankless, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Bankless and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.