What Bitcoin Did THE DOLLAR MILKSHAKE & BITCOIN w/ Brent Johnson
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Apr 4, 2025 
Brent Johnson, CEO of Santiago Capital and creator of the Dollar Milkshake Theory, dives deep into the complexities of global finance. He explains why the dollar may strengthen rather than decline amid turmoil, driven by insatiable global demand. The conversation covers the mechanics of stablecoins, which support dollar dominance, and the implications of a potential sovereign debt crisis. Johnson also discusses Bitcoin's role in this landscape and the philosophical challenges surrounding its adoption as an alternative asset.
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Dollar Milkshake Theory Overview
- The Dollar Milkshake Theory explains how the dollar might strengthen before collapsing.
- Global debt markets rely on US dollar demand, and attempts to escape it may strengthen it short-term.
Dollar Purchasing Power
- The dollar's purchasing power might erode for US citizens, yet hold steady against goods and services in other countries.
- Critics of this theory are often Americans who struggle to think in multiple currencies.
Source of Dollar Demand
- Demand for dollars comes from US dollar-denominated debt and the Eurodollar market.
- The Eurodollar market, a large market for dollars outside the US, significantly impacts global dollar demand.