Macroeconomics & On-Chain Data with Nik Bhatia & Willy Woo - WBD Live in Sydney - WBD711
Mr Obnoxious
Peter McCormack
4.8 • 2.7K Ratings
🗓️ 18 September 2023
⏱️ 91 minutes
🧾️ Download transcript
Summary
On September 9th What Bitcoin Did hosted a live show in Sydney. In this second of two podcasts, the guests were the founder of The Bitcoin Layer & Author of Layered Money Nik Bhatia, & and Bitcoin analyst & partner at Crest Willy Woo. Across these interviews, we discussed various topics related to Bitcoin, including its Bitcoin's volatility, its potential as a global currency and the prospects for Bitcoin's global adoption. The show includes the Q&A from the event.
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This is the second of two podcasts sharing interviews from What Bitcoin Did’s first Australian live show that was recorded in Sydney. However, this show is with 2 regular guests of the podcast who always bring unique and invaluable insights into Bitcoin’s evolution: Nik Bhatia and Willy Woo.
Nik is an adjunct Professor of Finance at the University of Southern California. We talk about how he has introduced Bitcoin into the curriculum following the success of his book “Layered Money”. Nik’s course covers the technical aspects of Bitcoin, starting with the white paper and delving into topics like blockchain, mining, and cryptography. He also contextualizes Bitcoin within the broader financial world and discusses its valuation and differences from other cryptocurrencies.
Nik also highlights his divergent opinions about Bitcoin. He doesn’t think it is a magic bullet: Nik believes it will take mass adoption for it to start fixing things in the economic system. And yet, Nik is passionate about Bitcoin’s incredible potential, particularly in non-US and non-western countries. The discovery of Bitcoin as a tool for financial empowerment in these regions is arguably the most exciting thing about Satoshi’s innovation.
Willy has long provided great analysis of Bitcoin’s price performance. In this show, he discusses the volatility of Bitcoin returns. Willy explains that Bitcoin has historically had high volatility but is now converging with other macro assets in terms of trading range. He attributes this to the financialization of Bitcoin, with the introduction of futures and other paper markets. However, he expresses concern about the control these paper markets have over the price of Bitcoin.
The conversation with Willy then shifts to Bitcoin's potential as a global currency. While lower volatility may be desirable for stability, it may not be ideal for Bitcoin's growth and adoption as a global currency. We discuss the current state of the fiat system and the potential collapse of traditional currencies, which could further drive the adoption of Bitcoin. Then, the floor was open to a Q&A with all five of my live show guests, which made clear there's always plenty to discuss!
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Transcript
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| 0:00.0 | We know from history that increased trade reduces the likelihood of |
| 0:09.5 | armed conflict. So what if Bitcoin can actually contribute to world peace? |
| 0:15.0 | Good morning from Lebanon. |
| 0:17.0 | How are you all? |
| 0:18.0 | Now listen, before we get into today's show, I've got to say, if you've never thought of going go into Lebanon please do put it to the top of your list |
| 0:25.1 | It wouldn't be an obvious choice for me especially a country which is under economic crisis |
| 0:29.9 | But I've had the most incredible time there everything about it. I love the people the food. It's a beautiful place. We've been out to the mountains |
| 0:38.2 | Bay route is bustling. It's a cool city. Yes, it has its challenges. Yes, you will see it, but honestly it's such an |
| 0:44.9 | incredible place. I love it. I'm actually planning on coming back. I want to |
| 0:48.2 | bring my kids out here. Also I've been making a documentary and I want to say a |
| 0:52.3 | massive thanks to everyone who's |
| 0:53.4 | come out to help do that. Yes I love Lebanon. I love it you know what I've |
| 0:58.0 | been so fortunate to travel to so many amazing places that I wouldn't normally go to |
| 1:01.8 | because of because of'm making these films |
| 1:04.4 | but put Levin on to the top of your list try and come out here. It's an incredible |
| 1:07.7 | country and the tourism would be great for them. Anyway, welcome to the What Bitcoin |
| 1:12.3 | did podcast which is brought to you by the absolute legends at them. Anyway, welcome to the What Bitcoin did |
| 1:12.5 | podcast, which is brought to you by the absolute legends |
| 1:14.8 | Iris Energy, the largest NASDAQ listed Bitcoin miner, |
| 1:17.9 | using 100% renewable energy. |
| 1:20.2 | I'm your host, Peter McCormack, |
| 1:21.6 | and today we have a part two of the live event we held in |
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