Today on the Brief:
- Why bitcoin sold off
- A bank-the-unbanked narrative for the digital dollar
- It’s Dave Portnoy’s world and we’re all just living in it
Today’s main topic: Why inflation isn’t the only bitcoin narrative that matters.
When bitcoin’s halving coincided with the most aggressive central bank policy of all time, it set a clear narrative framework for bitcoin as an inflationary hedge. This was captured by people like legendary hedge fund investor Paul Tudor Jones, who warned of a “great monetary inflation.”
In this episode, NLW argues 1) that inflation could be a dangerous narrative to focus on too closely due to a number of countervailing deflationary forces, and 2) there are a variety of other narratives that are just as important to bitcoin, including:
- Censorship resistance
- Seizure-resistant asset
- Currency controls and reshoring
- Nations looking to escape USD system
- Independent banking
- Peaceful protest
