New episode of the podcast!
I’m here with the Winklevoss twins in the middle of their world tour.
Gemini is going global, because crypto is now flippening to Asia.
We talk about expansion to India, jurisdictions for crypto, and the innovation of a Winklevoss startup city...
@balajis
Banks across the world are being viewed as extremely risky which can be shown by the cost of insuring against them, for ex. Credit Suisse.
Bitcoin held in self-custody ensures there is no counterparty risk b/c you have complete control over your assets. BTC is the risk-off asset
@balajis
Today the inflation in Argentina got to 100%/year. If you go to Buenos Aires, the difference between the dollar at the street and the official one can get to 100%. Everyone has dollars under the couch. That's why we Bitcoin!
In the past week:
- Fed created $2T lending window
- Fed reverses QT increasing BS by $300B
- Fed discount window hits record $150B in borrowing
- US Government took control of two banks shutting down crypto-fiat settlement networks
- FRB gets $30B backstop by major banks
-
Bitcoin was created in 2009 as a response to the 2008 financial crisis.
This could very well be the first time in
#bitcoin
's history that it will experience what it was made to protect against.
SVB just got seized by FDIC. 151 Billion dollars potentially uninsured.
If banks
The FED:
• Printing 80% of circulating cash in mere months
• Highest Inflation since the ‘80s
• Most aggressive QT from the FED in 40 years
• +$620 Billion unrealised losses on bonds
But still, “that pesky crypto broke the bank”
The ignorance speak a thousand words.
@balajis
Banks are failing, and a record high 67.7% of all BTC has not moved on over 1 year.
The stage is set for a parabolic bull run unlike any other.
Hyperbitcoinization is approaching.
@balajis
@thenetworkstate
The Four Phases of Hyperinflation:
1) Phase One: is “the rise” or “the extraordinary acceleration phase,” which is the lead-up to hyperinflation. The average duration of the first phase is 8-9 years with annual average inflation of 125 percent. 1/4
@balajis
The headline says: Collor locks the money.
Collor was the president of Brasil in the 90s, and in 16/03/90 (exactly 33 years ago today) he locked the savings account of all the brazilians.
People couldn't access their savings for 18 months, while inflation was 9%/month.
BTC!
@balajis
Just like USTs, European and other bonds curves have been massive inverted but are now "bad steepening", too. Because this isn't about SVB or a potential US recession.
Global deflation combined w/global recession.
Remember, every Fed tightening cycle ends in disaster and then, much more Fed easing
They are about to print $2 trillion to hyperinflationize the dollar.
In the digital age, this will happen very rapidly.
Buy bitcoins *now* and get your coins from the exchanges.
Just a highlight reel, of course! If you want to hear me,
@tobi
, and
@CanadaKaz
talk about new companies and new countries, the full episode is here:
YouTube:
Apple:
Spotify: