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Bitcoin Is More Than an Inflation Hedge
While fears of a “great monetary inflation” have driven the recent bitcoin narrative, other aspects like censorship resistance and peaceful protest matter just as much.
Updated Sep 14, 2021, 8:51 a.m. Published Jun 12, 2020, 9:00 p.m.
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While fears of a “great monetary inflation” have driven the recent bitcoin narrative, other aspects like censorship resistance and peaceful protest matter just as much.
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This episode is sponsored by Bitstamp and Ciphertrace.
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.”
See also: Why the Fed Keeps Denying Its Role in Increasing Inequality
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
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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