The Milk Road Show Bitcoin Is Winning the Macro Game w/ Coinbase Head of Research David Duong
May 30, 2025
David Duong, Head of Research at Coinbase, shares insights on Bitcoin's rise as the ultimate macro asset amid global economic tensions. He discusses the impact of $5B in FTX repayments on the market and how geopolitical factors shape Bitcoin's valuation. Duong highlights Bitcoin's evolving role as a store of value against inflation and explores how corporations are integrating cryptocurrencies into their treasury strategies. The conversation also touches on the future of blockchain technology and the resilience of meme coins in the current crypto landscape.
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FTX Repayments Boost Crypto Liquidity
- The second round of $5 billion FTX repayments will boost crypto market liquidity over the coming days.
- Earlier repayments mixed crypto and cash causing market weakness, but this round pays mostly in stablecoins and cash, potentially supporting demand.
Tariff Uncertainty Weighs on Markets
- Trade war tariff uncertainty persists despite court rulings, prolonging investor caution.
- Political statements and multiple trade relationships complicate resolution before the July pause ends.
Fiscal Policy Drives Asset Prices
- Fiscal spending and deficit support asset prices, contrasting with less critical monetary policy.
- Front-loaded borrowing increases interest costs, encouraging reevaluation of store-of-value assets like Bitcoin.