When these bitcoins look at a $1.9 trillion stimulus bill, they're not really just thinking about

a specific $1.9 trillion increase on the balance sheet. They're looking at a trajectory. It's a trajectory

which to them inevitably leads to an impaired dollar and a greater demand for an uninflatable asset.

So far, that's been a good bet. Welcome back to The Breakdown with me,

NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by nexo.io and Casper and produced and distributed by CoinDesk.

What's going on, guys? It is Friday, March 12th, and today we are talking about what the new

$1.9 trillion stimulus means for Bitcoin. To answer this question and really to explore

whether it means anything, the first thing we

have to discuss is the conception of Bitcoin as a macro asset. There are really two dimensions

to this idea. The first is whether, on a day-to-day level, the Bitcoin price is responding

to short-term macro stimuli, such as a Fed press conference, J. Powell, doing

something that the market expects or something that the market doesn't expect. Stocks, for example,

tend to be responsive to that sort of stimuli. We discussed this a couple weeks ago, and there is a lot

of skepticism among bitcoins that Bitcoin functions in this short-term macro way. There is a

very diverse base of hoddlers, and many simply do not care about that sort of day-to-day

input. In short, the time horizon of the average Bitcoin holder inoculates it from much of that

short-termism. However, from a long-term thesis perspective,

there is no denying that it has been a macro narrative of unfettered money printing that has

been driving new types of institutions and traditional financial players into the waiting

arms of Bitcoin. It's a particularly poignant day to remember that.

On March 12th, 2020, one year ago exactly, we experienced Black Thursday, one of the biggest

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