Unchained Bits + Bips: AI Jobs Wipeout, Bitcoin as a Risk-Off Asset and Few Rate Cuts - Ep. 765
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Jan 15, 2025 Tom Dunleavy, Partner at Master Ventures, joins industry experts to dissect the future of crypto and macroeconomic policies. They explore the fading notion of a 'Fed pivot' and the ramifications of AI on job markets. Tom argues that Bitcoin isn't a reliable risk-off asset yet, while discussions emerge about nations possibly accumulating BTC. The moves of Tether to El Salvador stir debate about U.S. stablecoin regulations, and the recent Coinbase victory against the SEC signals potential shifts in the crypto regulatory landscape.
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Market Repudiation of Fed
- The markets have repudiated the Fed's rate cuts.
- Markets expect higher inflation and see no need for rate cuts, despite a strong economy.
Fed Challenges and AI
- High 10-year rates and mortgages challenge the Fed's ability to keep rates high.
- AI-driven job cuts will influence the Fed's decision on rate cuts.
AI's Impact on Hiring
- AI's impact on jobs may not lead to mass layoffs, but reduced hiring.
- Companies might let attrition run its course instead of active cuts.