Why a US Senator Just Said the Fed Should Buy Bitcoin

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 19 February 2022

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo, Arculus, and FTX US. On today’s episode, NLW looks at the increasingly political discourse around inflation in the United States. The Right is claiming government overspending is to blame while the Left is pushing a new narrative of corporate price gouging. Whatever the case, some commentators are proposing increasingly exotic approaches to solving the inflation issue. 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 - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 18% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer, and more secure solution to store, send, receive, buy, and swap your crypto. Buy now at getarculus.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Vision” by OBOY. Image credit: Photo by Kevin Dietsch/Getty Images News, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FTX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Friday, February 18th, and today we are discussing why a U.S.
0:28.3	Senator just said the Fed should buy Bitcoin. Before we get into that, however, if you are enjoying
0:34.1	the breakdown, please go subscribe, give it a rating, give it a review, or if you
0:38.2	want to dig deeper into the conversation, come join us on the Breakers Discord. You can find a link
0:43.8	in the show notes or go to bit.ly slash breakdown pod. And a disclosure, as always, in addition
0:51.1	to them being a sponsor of the show, I also work with FTX.
0:55.7	Now, we've talked a lot about geopolitics lately from both the standpoint of these various global situations, as well as their impact on markets.
1:06.0	But of course, even without a Canada Truckers protest and a Ukraine-Russia situation, there would still be a
1:12.6	macro trade setting the context for everything else, and that is inflation.
1:18.7	What's more, because it's an election year in the U.S., inflation is taking on a whole different
1:25.2	dimension.
1:26.4	It's not just about the real impact on people's lives
1:29.7	and how much it costs to do the things that they normally do, but also about the narrative
1:34.8	jockeying for how to tell the story of inflation in a way that can get your chosen party or
1:41.0	politician into office. In that sort of heightened circumstance, I find it useful
1:46.0	to replace the grain of salt you normally take things with with an entire bag straight from
1:51.3	the Morton's factory. In any case, today we're going to check in on inflation, particularly from a
1:56.5	political perspective and with an eye to a very provocative proposal from a strategist at Credit Suisse
2:02.1	that's been making the rounds. But let's start, as I mentioned, with some choice comments
	...

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