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BTC146: Broken Money 2/2 w/ Lyn Alden (Bitcoin Podcast)
We Study Billionaires - The Investor’s Podcast Network
Productive vs. Non-Productive Debt in a Hard Unit of Account
In a world with a scarce unit like Bitcoin, borrowing large amounts for extended periods becomes limited. Debt can be categorized into productive, like business expansion or education loans, and non-productive, such as permanent debt used for shorting. Companies may choose to maintain debt as a part of their capital structure for strategic reasons, benefitting from low interest rates. However, in a context like Bitcoin or gold, where the unit is hard, engaging in non-productive debt like governments running high debt-to-GDP ratios or individuals with long mortgages becomes less sensible.
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