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Onramp Media
The Last Trade E061: The Great Deleveraging with Sam Callahan
Aug 16, 2024
Join Sam Callahan, a specialist in Bitcoin and traditional finance, as he discusses the yen carry trade's impact on market volatility and the fragility of the financial system. He emphasizes the importance of understanding counterparty risk and Bitcoin's liquidity profile as a superior asset class. The conversation explores the challenges banks face with Bitcoin custody and ETF regulations, alongside the growing trend of corporate treasury adoption. Callahan also shares insights on incentives driving Bitcoin's future adoption and the significance of networking in the crypto space.
01:24:18
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Quick takeaways
- Sam Callahan highlights the fragility of the traditional financial system, particularly in relation to the risks stemming from the yen carry trade.
- The challenges central banks face due to fiscal dominance may necessitate a shift towards alternative measures that align more closely with Bitcoin's decentralized nature.
Deep dives
Sam Callahan's Journey into Bitcoin
Sam Callahan outlines his unconventional journey into the Bitcoin space, starting with a background in business, physics, and biology. He initially worked as a sports physical therapist for professional athletes, focusing on injury prevention through algorithm development. Callahan's interest in financial history and central banking issues led him to discover Bitcoin in 2017, sparking an obsessive pursuit of knowledge that eventually compelled him to change careers. His work at Swan Bitcoin as a senior analyst allowed him to produce over a hundred research publications, emphasizing the importance of building relationships with influential figures in the Bitcoin community.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode