When Square’s boss Jack Dorsey talks about hyperinflation, the world listens. And Twitter reacts. Since so-called developed economies are now feeling the pain that inflation brings, the concept is in everyone’s mind. Every human has a front-row seat to witness the consequences of the United State’s relentless money printing. And, since the Dollar is still the reserve currency of the world, they’re all feeling it too.
Related Reading | Bullish For Bitcoin: US Inflation Expectation Breaks Out From Decade Long Downtrend
This is Jack Dorsey’s tweet:
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Hyperinflation is going to change everything. It’s happening.
— jack⚡️ (@jack) October 23, 2021
As you can see, he doesn’t merely talk about inflation. He goes for “hyperinflation,” which caused adverse reactions in the replies and the quoted tweets. They accused him of fear-mongering and quoted official numbers at him. And the nay-sayers probably have a point here, because the US is far removed from the reality that word implies. However, one thing’s for sure: money printer goes brrrrrrrr… and it hasn’t stopped working since Covid hit.
Negative And Moderate Reactions To Jack Dorsey‘s Tweet
This is an example of an unnecessarily insulting response from a traditional finance person.
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2/ step back and it’s disturbing that a lot of most powerful financial figures/oligarchs are invested, literally and figuratively, in various huckster schemes and libertarianish fantasies of state and civilizations collapse.
— Josh Marshall (@joshtpm) October 23, 2021
This man has obviously not done his homework regarding Bitcoin, so his argument is invalid. And doesn’t require a response. Plus, he’s being insulting to get attention, which he got. So, good for him and his dopamine levels. Let’s hope he has fun staying poor.
This is a Venezuelan economist with a moderate answer to Jack Dorsey.
I don’t think it will. But it doesn’t need to happen for things to get ugly. https://t.co/Cj85mJ8o7x
— Eduardo Gavotti (@EduardoGavotti) October 23, 2021
Since Venezuelans have first-hand experience with hyperinflation, let’s take what he says into account. The US is just feeling what inflation does. So-called developing economies live with that concept on their backs every second of every day.
BTC price chart for 10/23/2021 on Bitstamp | Source: BTC/USD on TradingView.com
Informative Reactions To Jack Dorsey’s Tweet
The Human Rights Foundation’s Alex Gladstein, a notorious Bitcoin maximalist, had this to say to Jack Dorsey.
Those shocked by this tweet live in a bubble of financial privilege.
*1.3 billion* live under double, triple, or quadruple-digit inflation: Turkey, Nigeria, Ethiopia, Iran, Lebanon, Venezuela, Cuba, Sudan, and beyond.
It’s already one of the world’s biggest humanitarian crises. https://t.co/P83opDagdu
— Alex Gladstein 🌋 ⚡ (@gladstein) October 23, 2021
He’s not lying. Hyperinflation is “already one of the world’s biggest humanitarian crises.” However, the US is far away from “Turkey, Nigeria, Ethiopia, Iran, Lebanon, Venezuela, Cuba”, and Sudan’s situation. And, since the Dollar is still the reserve currency of the world, they have a comfortable cushion to resist the constant money printing’s effects.
Serial entrepreneur and former Coinbase CTO, Balaji Srinivasan, answered Jack Dorsey with a fully-fledged idea. A “censorship-resistant inflation index.”
I wrote a spec for a censorship-resistant inflation index. It’s framed for a startup, but Square could easily do this. In a crisis, accurate inflation info would be something people checked Twitter for every day. @milessuter @moneyball @jack https://t.co/SYb2mfxjex
— Balaji Srinivasan (@balajis) October 23, 2021
In the project, he brings forth some hard truths:
“If inflation is a government-caused problem, we can’t necessarily rely on government statistics like theCPIto diagnose it or remediate it. Indeed, in places with high inflation, censorship and denial is the rule rather than the exception.”
If you are technically capable, there’s still time to send your proposal and earn “A $100k Prize for a Decentralized Inflation Dashboard.” Be aware that “if you use Chainlink’s oracle tech in your project, the best dashboard will be eligible to receive a $100k grant in LINK tokens.” Those tokens are in addition to the main prize.
Poor Understanding Of The Terminology
In a Twitter Spaces room specifically dedicated to Jack Dorsey’s tweet, notorious podcaster Preston Pysh concluded.
“I think people’s understanding of the terminology, deflation, inflation, is just grossly misunderstood. And so, when you say we’re going to have these deflationary events that are then going to lead to more QE, which is then going to result in more inflationary events. I completely agree with you, but we’re talking that there’s so much information loss in such a simple word as deflation and inflation. So the deflationary event is that this whole system is constructed as credit.”
When he says QE, Preston refers to Quantitative Easing, whichInvestopedia definesas:
“A form of unconventional monetary policy in which a central bank purchases longer-term securities from the open market in order to increase the money supply and encourage lending and investment. Buying these securities adds new money to the economy, and also serves to lower interest rates by bidding up fixed-income securities.”
Related Reading | Jack Dorsey Plans to Build A Decentralized Exchange For Bitcoin
That being said, Preston asks:
“How many people in the US, or in the world, have that context when that’s not their expertise, right? They didn’t get a major in macroeconomics, or finance, or whatever. So, it’s just all buzzwords that people throw around. And, in the meantime, no one really even understands what those definitions even represent.”
For more information aboutinflation, check out the Bitcoinist Book Clubanalysis of Saifedean Ammous’ “The Bitcoin Standard.”
Featured Image by Gerd Altmann from Pixabay - Charts by TradingView
The biggest property developer in China, Evergrande, seems to be on the verge of collapse. They apparently owe $300B. Is bankruptcy on the table? There’s a better question, though. Is Evergrande the only company in the sector with these kinds of debts? Or is Evergrande just a symptom of a widespread disease? And, how does this relate to Bitcoin? Do we present a valid case or are we reaching? Is this “China’s Lehman moment,” as the following Bitcoin analyst suggests?
Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
What we know for sure is that “China’s major banks have been notified by the housing authority that Evergrande Group won’t be able to pay loan interest due Sept. 20,“ according to Reuters. Plan B’s comment sets the tone, and the video shows the intensity of the situation:
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China’s Lehman moment. The money printing will be massive, I repeat MASSIVE! This is good for #bitcoin https://t.co/lAdSMhnk3L
— PlanB (@100trillionUSD) September 15, 2021
Check yesterday’s date. Well, on September 15th, 2008, Lehman Brothers filed for bankruptcy. Let’squote Investopediafor a quick recapitulation.
“At the time of its collapse, Lehman was the fourth-largest investment bank in the United States with 25,000 employees worldwide. It had $639 billion in assets and $613 billion in liabilities. The bank became a symbol of the excesses of the 2007-08 Financial Crisis, engulfed by the subprime meltdown that swept through financial markets and cost an estimated $10 trillion in lost economic output.”
Is China living through a similar situation right this minute?
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How Did China Evergrande Get Here?
A few days ago, on September 13th, theSouth China Morning Postseemed cautiously optimistic about the situation. They explained the root of the issue:
“Reports about missed payments to contractors, attempts to reschedule payments on wealth management products, and failure to sell assets have prompted Chinese regulators and the central bank to intervene to prevent a shock to the financial system.”
At the time, the big news was that they hired “Houlihan Lokey and Hong Kong-based investment bank Admiralty Harbour Capital to assess its capital structure, evaluate the liquidity and explore ways to ease its current liquidity crunch.” And you know what that meant:
“Hiring such financial advisers means Evergrande has come to a serious stage of listing what it owns, what it owes and what are the best plans” to extricate itself, said Lung Siu-fung, an analyst with CCB International.
The writing was on the wall.
Evergrande price chart on HKEX | Source: 3333 on TradingView.com
Where Are We Now? Is China Really In Trouble?
Apparently, China Evergrande was caught in a loop. The company was pre-selling apartments and using that money to fund other projects, in which they also pre-sold the apartments and the cycle started again. Evergrande bonds are suspended, and there’s a chance they’re worthless. The stock is near its all-time low, it has lost nearly 80% of its value this year.
Completing the story,CNBC informs:
“The company warned investors twice in as many weeks that it could default. On Tuesday, Evergrande said it’s at risk of a cross default, which means such risks could spill into other related sectors.
Evergrande said Tuesday its property sales would continue to deteriorate significantly this month, adding to its severe cash flow problems.”
Is there a possibility that Evergrande’s problems are the symptom of a widespread disease? That’s the $1M question. Is the real state sector really in trouble? For that answer, we have to go toZeroHedge’s report:
“Country Garden, the nation’s largest developer by sales, plunged 16% in the past two days, while Gemdale slumped 12% as a gauge of property shares in Shanghai tumbled almost 5% in the period, with valuations firmly below book value. Following the news, Guangzhou R&F Properties drops 10.8% to the lowest since Dec. 2008 while Greentown China -9.1%. At this point, one can safely call it a crisis.”
How Does Evergrande Relate To Bitcoin?
China’s Bitcoin policy doesn’t make sense. Regulating themselves out of the leadership position in the most important industry of our times is a hard pill to swallow. There has to be something else going on. We at NewsBTC have been on the case. We exploredthe Digital Yuan CBDCangle. We looked at ads sellingsmall hydropower stations. We discoveredChina’s dominance over the Bitcoin hashratewas waning before the ban. And we detailedthe so-called new “China Model.”
The guaranteed outcome of fractional reserve banking: Impairment of promises. It’s just a matter of when and at what magnitude. The impairment of credit will cascade to other balance sheets unless central planners debase the currency via QE, UBI, and/or debt forgiveness. BRRRRR
— Preston Pysh (@PrestonPysh) September 15, 2021
Under Plan B’s original tweet, two comments attract attention. Investor and podcaster Preston Pysh feels that the situation is “The guaranteed outcome of fractional reserve banking: Impairment of promises. It’s just a matter of when and at what magnitude.” And the person behindDocumenting Bitcoin goes conspiratorialand says, “They knew this was coming. Perhaps this is why they “banned” bitcoin.” That, as you might imagine, opens a huge can of worms.
Related Reading | Since China’s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting
Full of confidence, Plan B responds, “Yes, and they closed the exits, typical they always do that.” Bad for the people in China but, in general, bullish for Bitcoin. To recap: the government saw this coming from a distance. They knew the crisis was going to repeatedly hit the country and banned Bitcoin mining to scare the population into not buying the hardest asset ever created. Bitcoin, the true hedge against the collapse of every economy. In any case, the Chinese government will probably try to print its way out of this one. And somehow it’s going to use this crisis to unveil their Digital Yuan CBDC.
Does the theory sound coherent to you? Or is there even more to this story?
Featured Image by Li Yang on Unsplash - Charts by TradingView
A crossover between two Bitcoin (BTC) moving averages that appeared before the 2020 price boom hints at returning in 2021, just as the flagship cryptocurrency eyes a bullish breakout from its current $30,000-$40,000 trading range.
The indicators in focus are MACD Line and Signal Line. MACD is an acronym for Moving Average Convergence Divergence, and a MACD line represents the difference between the 12 and 26-period moving averages. Meanwhile, a Signal Line is a 9-period moving average.
Plotting MACD Line and Signal Line together forms the so-called MACD Indicator that allows traders to predict future price trends. For example, when the MACD Line—a faster moving average—closes below the Signal Line—a slower moving average, it typically reflects a bearish trend underway. Conversely, the trend switches to bullish when the MACD Line closes above the Signal Line.
Bitcoin MACD trends since March 2020. Source: TradingView.com
The difference between the two moving averages makes a Histogram. If the faster moving average moves away from the slower moving average, it indicates a MACD Divergence. Similarly, when the faster-moving average gets closer to the slower one, the crossover is called MACD Convergence.
Pitting Bitcoin prices against MACD
In 2020, Bitcoin prices reacted accurately to the MACD crossovers. The chart below illustrates the said correlation.
The Bitcoin price-MACD weekly correlation. Source: TradingView.com
The recent bearish crossovers between the MACD Line and the Signal Line led to declines. Similarly, bullish crossovers led to massive spikes. The Histogram indicator showed the strength of both upside and downside moves based on the difference between MACD and Signal Lines.
Now, Histogram is recovering back to zero with the two lines looking at a potential MACD Convergence. The same fractal appeared last in March 2020. That followed a massive Bitcoin price rally from $3,858 to circa $65,000.
Preston Pysh, the founder of the Pylon Holding Company—an equity investment firm, expected the MACD fractal deja-vu. The analyst tweeted:
The weekly BTC MACD is looking spicy. pic.twitter.com/6TvdV13yNc
— Preston Pysh (@PrestonPysh) August 5, 2021
Additionally, in a note published in July, Katie Stockton, founder, and managing partner of Fairlead Strategies, that Bitcoin’s “intermediate-term momentum” was improving thanks to the MACD histogram.
Decisive breakout anticipated
But spot markets have largely ignored long-term upside outlooks for Bitcoin as the asset struggles repeatedly to break above $40,000. Its previous attempts to extend its upside momentum beyond the said level have met extremely high selling pressure.
Meanwhile, on a brighter note, a similarly strong buying sentiment near $30,000 has capped the Bitcoin prices from pursuing deeper downtrends. As a result, equally assertive bulls and bears have trapped Bitcoin in the $30,000-$40,000 price range.
Related: Bitcoin bulls overtake the $40K barrier ahead of Friday’s $625M options expiry
Pankaj Balani, the CEO of Delta Exchange, expects a bullish breakout move in the Bitcoin market should it manages to hold above $40,000 for a week.
“On a conclusive breakout of the $40K level, BTC could challenge the $48K level,” the executive said.
“On the downside, traders will keenly monitor the $36K level. On breakdown below $36K, BTC can quickly move to $28K – $32K range.”
Bitcoin was trading at $40,723 at publishing time.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Trey Lockerbie, Preston Pysh, Jeff Booth, Mark Yusko and Greg Foss sat down to discuss the Bitcoin macroeconomic landscape.
This conference session took place onday twoof theBitcoin 2021 conference in Miami on June 4 and 5. Experience the#Bitcoin2021party from anywhere in the world by joining our conversation onTelegram, and be sure tosubscribe to our newsletterto stay on top of the latest Bitcoin news and all the happenings at Bitcoin 2021.
Watch this conference session on YouTube.
In this exciting Bitcoin 2021 conference panel, several major players in the macroeconomic analysis world take part in a discussion on the macro backdrop of Bitcoin. Preston Pysh, Trey Lockerbie, Jeff Booth, Mark Yusko and Greg Foss all share their own thoughts on what the future may hold for the industry.
Pysh started the panel off with a fiery opener, stating, “If you don’t want to participate in Bitcoin, you’re canceling yourself.”
The group appeared to agree that the environment surrounding fiat currencies is in a continued decline, and that there was no cushion to the crash that may come from fiat currencies. Jeff Booth stated, “If the system fails, it fails spectacularly.”
Greg Foss made it clear that, “Bitcoin is the best asymmetric trade opportunity I’ve seen in thirty years of trading risk.”
The panel was bullish, informative and extremely compelling in substance.
Join the#Bitcoin2021party from anywhere in the world by joining our conversation onTelegram. Plus, be sure tosubscribe to our newsletterto stay on top of the latest Bitcoin news and all the happenings at Bitcoin 2021.
As of late, it is a regular occurrence to hear suits from the mainstream media cry out for the “need for liquidity to save us.”
“But what is this liquidity that they speak of?” the average Joe may think. The ocean of monetary energy known as the U.S. dollar is often misunderstood but this “liquidity” can be the difference between hardly surviving or thriving with minimal effort. Often revolving around how close one is to freshly made supply. (Brrr).
This ocean of monetary energy may seem safe for the first world’s fish swimming inside, but there is a catch. It is not actually an ocean — there is a man-made dam keeping this value from escaping and thus keeping the fish alive. Unfortunately for everyone who enjoys safe, first-world waters with “2 percent inflation,” there are cracks showing up in the USD dam.
The faith-based concrete is starting to show the tests of time and bureaucratic ineptitude. To be fair, there has never been a fiat currency in history that has been able to stand the true test of time. The British pound is the longest-standing fiat currency, enduring a 325-year life. In the process, it has managed to leak out 99.99 percent of its purchasing power.
Unlike the British pound, the U.S. dollar is still seemingly in its glory days, often proclaimed by the financial elite as a reliable store of value due to its “low volatility” and long track history (see: wtfhappenedin1971.com). Sporting a total market cap of over $100 trillion, including various layers of money and debt instruments, it must be safe, right? At first glance, it seems safe, and if it ain’t broke don’t fix it, right? Wrong, that’s not how dam’s work.
If the structure becomes compromised, it can go from working perfectly fine to being completely broken in the blink of an eye. “Working perfectly fine” doesn’t imply being perfect, rather the black swan moment has not occurred yet to expose the cracks. Which begs the question: Is there a way to find the cracks before the dam self destructs? Maybe to try to fix it, or maybe even to find a bright orange Satoshi’s ark to survive the coming flood!
Finding The Cracks In The USD Dam
For the average Joe and Jane across the globe, there is no hope in fixing the USD dam. Luckily, we have some very skilled engineers across the world that can help us access the health of the monetary structure. A logical voice on this topic with an exceptionally high signal-to-noise ratio is none other than Preston Pysh. Well known within the Bitcoin space for his ability to diagnose financial markets, combined with knowledge from an engineering background, Pysh is a perfect first stop on this structural inspection. Back in the early days of March 2020, while the financial markets and the entire world was going crazy, Nathaniel Whittmore sat down with Pysh on his weekly podcast “The Breakdown” to record an episode titled “What Happens When Currencies Fail.” During this episode, Pysh laid out the three main factors that have historically signaled the pending failure of a currency.
“So few people understand — particularly people in academia and on Wall Street don’t understand — the fact that currencies fail, in my opinion, when three conditions are met,” Pysh said, in a slightly paraphrased way. “First: A currency that is not pegged. Second: When the government is spending at a rate that far exceeds the tax revenue. Third: The debt that’s denominated in that currency — so, for the U.S. it would be the treasury/bond market — has a yield of zero percent. When all three of these scenarios are met, you start seeing the currency underlying it all go into failure.”
As much as I believe in the Bitcoiner motto of “don’t trust, verify,” let’s take Pysh’s advice and point our magnifying glasses at these potential weak points in the USD dam in order.
A Currency That Is Not Pegged
First off, the U.S. dollar defaulted on its gold liabilities in 1971, forever to be known as the “Nixon shock.” From that day forward, the U.S. dollar was backed by nothing but the decree of the king, the definition of fiat money. It’s important to note that after the Bretton Woods Conference of July 1944 the entire global monetary system was backed by dollars, which was presumably backed by gold. This means the Nixon shock not only threw the U.S. on a fiat money standard, but did so to the entire globe. (Seriously, check out wtfhappenedin1971.com if you haven’t yet). Which means that, not only is the U.S. dollar pegged to nothing, but the entire global monetary system is pegged to nothing. This may be the reason that the entire globe is massively in debt, upwards of $250 trillion. (But to who? That’s a discussion for another day…)
When The Government Is Spending At A Rate That Far Exceeds The Tax Revenue
To continue, the second point is going to need some current and past data to try and get an idea of if the U.S. is currently spending more than it takes in and if it’s getting better or worse. The data will be sourced from the U.S. debt clock website. While not perfect, it will give us a good idea:
As seen by the numbers above, the U.S. government is spending $6.65 trillion per year, $3.45 trillion of which needed to be freshly printed due to revenue shortfalls. FYI, that’s over half if you’re not good at math.
If this was a business, this would be defined as hemorrhaging capital. Luckily for governments, they don’t play free market games, just highly-manipulated and morally-bankrupt games. On this playing field, efficiently using capital is frowned upon and there is no limit to the debt with which it is allowed to burden our future kin.
To try and get an idea if this is a flash in the pan “from COVID-19” or a sustainable problem, it’s best to look at the long-term trend of U.S. debt-to-GDP ratio. Additionally, there are liabilities that the U.S. government has accepted but currently doesn’t have the money set aside to pay for, commonly referred to as “unfunded liabilities.”
The U.S. debt clock shows the debt-to-GDP ratio actually improving from 1960 to 1980. In the 40 years since then, it has absolutely exploded, with 2008 being the black swan that greatly accelerated the problem and the COVID-19 self-induced economic suffocation being the death knell for the debt-to-GDP ratio to ever recover. Secondly, take a look at the U.S. unfunded liabilities to see if we can find some hope in making this budget conundrum work out. Turns out, politicians have promised to pay for roughly $158.9 trillion of benefits to Americans they did not set aside the money for, because obviously you can always kick the can down the road in American politics. It’s pretty safe to say that the U.S. government will be spending more than it takes in for the foreseeable future.
Debt Denominated In That Currency Has a Yield Of Zero Percent
Last but not least, it’s time to analyze how the USD and broad debt markets are looking for 2021.
It’s probably important to cover some context for anyone who is not a bond market expert. For that, I will use a simple example: Your government is offering a war bond to help fight off the invading tribe, it is offering 5 percent interest on a five-year bond. You decide to throw in your last 100 clams to help reinforce the village. For the following five years, you would go to your local town center once every three months to receive your 1.25 clams in interest. After five years of this, you go back to the town center and receive your last payment of 1.25 clams plus your initial 100. Which is when you might start asking, “Why is this interesting at all?” Bond math only starts getting interesting when you sign up for a long-term bond. This simple example will highlight why I say this.
A 30-year bond paying 1 percent interest sounds pretty crappy, right? You pay $100 and get $1 a year for 30 years. Unless, that is, the interest rates went negative. If, later that year, the market price for a 30-year bond was -1 percent, your lame investment just became a rock star.
Don’t believe me? Using a bond value calculator, it can be seen that your $100 investment is now selling for $170 on the open market. Thus making long-dated bonds by far one of the best trades and easiest money of the last 50 years. Which is when most rational people say “If bonds going negative is the only way to really make money and keep the game going, who in their right mind would buy a 30-year bond with a negative yield?!”
As much hype as the equity markets get with the Apples, Teslas and GameStops of the world, the debt market is where the biggest whales swim. The global bond market is somewhere in the neighborhood of $100 trillion (the U.S. being 40 percent of that) and the total debt markets being upwards of $250 trillion. Historically, interest rates have floated from low single digits to high teens or more based upon current financial conditions — with 0 percent interest rates having never been observed in recorded history, for obvious reasons. Never in recorded history has an investor lent out money only to get less in return, implying time has no value or, better yet, time has a negative value.
Regardless of how obvious and simple this may seem, we are at the peak of a 3,000-year bull run with negative yielding debt everywhere. Currently, the global debt with a negative yield has reached over $18 trillion. I was unable to find a single picture dating back far enough, so two were needed to show the dramatic increase over the last 10 years:
Source: Bloomberg
Now, it’s time to zero in on the USD. With yields across the entire curve being positive, USD is in a much better position than the majority of its monetary counterparts. With that said, 1 percent interest rates on a 10-year bond isn’t exactly wonderful considering these same bonds had a 6 percent yield just 20 years ago. So, the obvious trend is toward zero/negative.
Traditionally, the value of these bonds is calculated by taking the inflation rate (commonly measured by CPI) plus the duration risk, which goes up the longer the bond is dated for. With the price of commodities rocketing up for the first time in years due to economic difficulties and money printing, the CPI trend may just start reversing. Upon an increase in the interest rate, the entire banking and corporate establishment becomes insolvent.
So, what does the Federal Reserve do to solve this? It participates in something called “yield curve control.” This tactic would be simply described as printing money to buy any bond that trades over a certain interest rate, aka, the Fed will lock rates in at near-zero and print new money to ensure its corporate cronies and hedge fund friends are able to refinance at ever-lower rates, thus letting the purchasing power of the USD act as the relief valve to save the debt markets. Inversely, if rates keep falling without yield curve control due to economic deflation, Pysh’s 0 percent debt criteria will be hit, implying that low/negative rates are inevitable no matter what future we head into.
Upon finishing this structural inspection, it’s clear to see the USD dam has major cracks and the faith-based structure has little hope of salvation at this point. But to close things out on a brighter note, I’d like to highlight my favorite method to avoid the fallout caused by the poorly-engineered fiat monetary structures: Satoshi’s bright orange ark.
Bitcoin is a miracle of modern day engineering. Its monetary properties and foundational antifragility make it a fantastic option to help you ride out the coming instability. This decentralized network of nodes, miners and cyber hornet HODLers protect the network from all foes, 24/7/365. With even the attackers of the network adding to the strength of its encrypted hull, there is no better way to ride out the coming chaos of the USD dam breaking than stacking sats, staying humble and trying to protect your friends and family from the coming flood.
This is a guest post by Joe Dirtay. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
An encore presentation of NLW’s conversation with Preston Pysh recorded on March 12 – the infamous Black Thursday.
On March 12, as the U.S. government struggled to wrap its head around the emerging COVID-19 pandemic and markets floundered, bitcoin had one of its worst days in history, crashing by thousands of dollars and even hitting below $4,000 on some exchanges.
That evening, NLW and podcaster Preston Pysh recorded a conversation about bitcoin, central banks and what happens when currencies fail. Nine months later, the conversation is as salient as ever.
