We Study Billionaires - The Investor’s Podcast Network BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast)
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Apr 19, 2023 David Bailey, an entrepreneur and founder of a Bitcoin media company known for the Bitcoin Miami Conference, joins for a compelling discussion. He delves into the complexities of the GBTC Bitcoin Trust and shares insights on its recent challenges. The conversation also explores the potential of Central Bank Digital Currencies and how they might reshape finance. Bailey reflects on his journey building a major Bitcoin event amid the pandemic and emphasizes the importance of community resilience in facing market volatility.
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Bitcoin vs Fiat Backing
- Bitcoin's value comes from its network of users engaging in economic activity.
- Fiat relies on trust in politicians, while Bitcoin relies on trust in free markets.
Bailouts and Market Manipulation
- Government bailouts mask the fragility of the fractional reserve system.
- These interventions manipulate the cost of capital and prevent consequences for risky actions.
Thriving vs Decaying Systems
- Government actions don't save people, they just redistribute the costs.
- One system thrives while the other decays, making the difference obvious over time.