We Study Billionaires - The Investor’s Podcast Network BTC152: The Debt Event Horizon & Bitcoin w/ Jesse Myers (Bitcoin Podcast)
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Oct 18, 2023 In this enlightening discussion, Jesse Myers, an expert in Bitcoin and global macroeconomics, shares intriguing insights on the FTX trial's fallout and its effect on Bitcoin prices. He delves into the national debt crisis, revealing how $12 million is added every minute, and how Bitcoin could serve as a hedge against economic instability. The conversation also explores the upcoming Bitcoin halving event, the evolution of multi-institutional custody, and the interplay between Bitcoin and AI, debating which will shape the future economy more significantly.
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FTX Bitcoin Manipulation
- FTX held $1.4 billion in Bitcoin liabilities they couldn't fulfill due to selling customer deposits.
- This equated to 80,000 BTC, a quarter of the Bitcoin mined the prior year, artificially inflating supply.
Halving Impact
- Bitcoin's halving event significantly impacts price due to reduced supply, despite high trading volume.
- This effect is amplified by Bitcoin "HODLers" who rarely sell, creating a supply shortage.
Bitcoin vs. Commodities
- Bitcoin differs from traditional commodities, as hardcore holders ('psychopaths') don't sell regardless of price increases.
- This behavior, coupled with smaller holders ('shrimp') accumulating coins, creates unique market dynamics.