TFTC: A Bitcoin Podcast #668: The Debasement Trade Goes Mainstream with James Check
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Oct 8, 2025 James Check, a Bitcoin on-chain analyst and report author, dives into Bitcoin's evolving market dynamics. He reveals how Bitcoin thrives amid fiat devaluation and critiques treasury companies leaning heavily on BTC. Their discussion covers the rise of derivatives, new investment behaviors among old hodlers versus newbies, and predictions for Bitcoin's price targets amid changing volatility. With insights on institutional adoption and the role of narratives in market shifts, Check emphasizes a strategic, long-term accumulation approach.
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Central Bank Debasement Favors Bitcoin
- Central bank devaluation creates a safe-haven environment that favors Bitcoin over fiat.
- James Check argues Bitcoin wins when policymakers compete to debase currency.
Bifurcated Perception Of The Cycle
- New entrants see simple upward charts and assume easy gains while veterans find the cycle boring.
- James Check highlights a bifurcation between retail/traditional investors and long-term Bitcoiners.
Treasury Company Fragility
- Many treasury companies that went all-in on Bitcoin face severe drawdowns and MNAV gravity toward one.
- James Check warns small issuers lack the toolkit and scale to recover after deep losses.
